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Chapter 1 identified a gap between perceived confidence and actual knowledge of financial matters. Financial education can help people and bridge this gap to build greater knowledge. Not only this, but financial education has the potential to unlock higher savings and create an investment culture, which in turn would help to drive economic growth.

Key stats across ten markets:

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  • Despite having strong financial ambitions, respondents aren’t engaging in financial education resources. Only 20% of people say they have ever taken a course on financial education before, while 78% do not recall ever doing so. 
  • However, there are several recognised benefits to financial education. When considering potential benefits of financial education, the public rank the ability to make better decisions (64%), effective management of money and debt (59%), and the ability to create a well-structured budget (52%) as their top three. 
  • There are particular areas that respondents would like to know more about. Investing (63%), saving (61%) and taxes (51%) are the areas of financial education that respondents wish they could have learned more about whilst at school.

Despite the benefits of financial education, the public do not tend to engage with available courses or resources. Almost four in five (78%) do not recall ever taking a financial education course, whether that be at work or outside of their place of employment, those in the UK (87%) and Spain (84%) are even more likely to have never taken a financial education course before. On the other hand, 33% of those in the US, 28% in Brazil and 25% in Argentina say they have taken a financial education course before.