Free Financial Literacy Curriculum For Adults

Free Financial Literacy Curriculum For Adults – Money is an integral part of all of our lives, but truly understanding our finances is an issue that many of us struggle with. The language used by financial institutions to describe savings, investments, ISAs and pensions can be boring and overwhelming.

To address the issue, it launched the ‘Great British Financial Literacy Test’ – 18 simple questions about savings, ISAs, retirement and investing to find out how confident Britons are in their financial knowledge. The test surveyed 2,000 people from all walks of life and explored everything from what an ‘ISA’ means to the definition of a fixed rate, your maximum annual ISA allowance and how an annuity works.

Free Financial Literacy Curriculum For Adults

Free Financial Literacy Curriculum For Adults

Testing the UK’s knowledge using basic questions on four key areas of finance, the study found that almost half of the UK lacked basic financial literacy, with 52% passing the test and 48% failing.

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The study found that young people have the lowest financial literacy, with a success rate of less than 50%, and the highest among those aged 55 and over. There was some difference between men and women, with 52% of men and 46% of women passing the exam. As with 18-24 year olds, men scored highest on questions about ISAs, while women scored best on questions about savings. However, all groups struggled to answer questions about retirement, including those over 55 and nearing retirement age.

Brighton’s responses achieved the highest financial literacy with an overall success rate of 55%, followed by Manchester and Edinburgh at 54%. Belfast had the lowest score in Northern Ireland at 51%.

88% of Brits lack confidence in their financial literacy and a third of Brits say it has affected their mental health

The survey asked how informed the British public are about their finances, and the results revealed how insecure people are about their financial literacy, with 88% of people in the UK saying they have no confidence. As a result, more than a third of Britons (32%) admit that their mental health has been affected by their financial dealings.

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The majority of respondents (91%) said they lack confidence in investing. It found that 44% of Britons lack financial literacy in this area too, unable to answer exactly what capital, yield and diversified portfolios mean. Although there has been a recent increase in the number of young people interested in investing, our results revealed that financial literacy for investing increases with age. 18-24 year olds fared worst with 52% failing, while only 38% of over 55s failed.

Le senior analyst Dan Lane commented: “The biggest asset you can give to your investments is time. So it’s troubling that the most practical companions feel ill-equipped. Whether we realize it or not, investing early in life can be the difference between reaching our ultimate financial goals or missing them altogether. Getting the basics later in life may be too late.

Research says 90% of Brits are unsure about managing their pension money. This is also the financial sector with the lowest success rate, as 80% of them could not answer everyday questions related to annuities, annuities, pension withdrawals, the difference between crystallized and non-crystallized pensions. Attrition was low for all demographics, even those over 55 and nearing retirement age. 81% of respondents over 55 answered these questions incorrectly.

Free Financial Literacy Curriculum For Adults

Dan Lane, Senior Analyst at Medical Technology Advances and Life Expectancy Increases We’re likely to live longer in retirement than ever before. But a huge gap in our understanding of how to invest in the third year, or how to access those investments later, means we’re really unprepared for much of our lives. If we don’t think about investing for retirement long before it happens, we’ll end up regretting simple financial decisions we made 30 years ago.

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88% of UK residents do not trust the ISA. Despite being the region with the highest success rate in the study, the failure rate was relatively high at 32% – almost one third of the UK. Just under a quarter of the British public didn’t know the maximum annual allowance (23%) when polled during the test, and 37% didn’t even know what an ISA meant.

Le senior analyst Dan Lane commented: “The fact that a large part of the population is unaware of one of the most common savings products is a true sign of a lack of financial education in the country. It is disappointing how useful, accessible and easy to use ISAs are. If we are unsure about ISAs headlines, we can help ourselves as much as we can.” We don’t use them.

Finally, 34% failed the savings part of the test after testing compound interest, APR and direct debit, and 83% said they didn’t know enough about savings.

Dan Lane, senior analyst, commented: “There are regional differences in performance, but overall we still need to pay more attention to financial literacy across the UK. Basic concepts like compound interest may tick in the national curriculum, but preparing us to tackle them in the real world is more than just a textbook exercise. These results should be a wake-up call to the national education system to better prepare young people to put theory into practice.

Financial Education Increasingly Relevant For Students & Teachers

Although most of the UK supports the inclusion of finance in school or college curricula, most Britons now turn to search engines for financial education. Most respondents (39%) agreed that they use Google to understand their money. The second most popular source of financial education is, unsurprisingly, social media (27%). More than family, Brits say they use platforms like TikTok, YouTube and Reddit to learn about money from financial influencers.

Le senior analyst Dan Lane commented: “One sigh of relief in all of this is that young people are taking their future into their own hands and actively working to address gaps in their financial knowledge. “The results show that older generations are clearly confused about managing their money in retirement, and younger Brits are saying enough. “Social media may make the headlines for strange reasons, but to dismiss these platforms is to ignore the really valuable educational content that young people have to offer. find in them. Free resources and instructional tools on money-related topics to engage and inform the next generation.

Financial literacy is one of the biggest barriers holding people back from investing, and research reveals the problem extends to maximizing savings and planning for retirement. Financial complexity and a lack of accessible education mean that Britons are not only missing out on opportunities to improve their financial well-being, but they can also mismanage their personal finances. There is much more to be done to make Britons more confident and aware of their money.

Free Financial Literacy Curriculum For Adults

Visit the Learn Hub to help you learn more about investing, or download our investing app and start your investing journey today.

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It should not be considered as individual investment advice and individual investors should make their own decisions or seek independent advice.

When you invest, your capital is at risk. The value of your portfolio and any income you receive may rise and fall, and you may get back less than you invest. Past performance is not a reliable indicator of future results.

The right to invest in an ISA and the value of the tax savings depends on individual circumstances and all tax rules are subject to change.

A member firm of the London Stock Exchange and a trading name of Limited, authorized and regulated by the Financial Conduct Authority. Registered in England and Wales (No. 09797821).

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How to Invest in Stocks A beginner’s guide to investing in the stock market to help you understand the basics of buying and selling stocks.

We look at the most popular purchases in the alternative investment market. The Akron Financial Empowerment Center, in partnership with the Mayor’s Youth Leadership Council and Huntington Bank, will host free adult financial education workshops on September 10th and October 22nd.

AKRON, Ohio – Akron Mayor Dan Horrigan’s Youth Leadership Council, in partnership with the Akron Financial Empowerment Center and Huntington Bank, plans to host a pair of free financial education workshops for adults.

Free Financial Literacy Curriculum For Adults

Workshops on Tuesday, October 22 from 5:30 p.m. to 19:30, will take place

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