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Financial Capability Strategy for the UK: Children and Young People

Submitted by William Mckinnon 29th September 2014.

The strategy’s overall aim in this area is for children and young people to continuously build their financial capability, so that they are equipped to manage their money throughout their life and when they reach financial independence they can attain and sustain the highest level of financial wellbeing that their means allows. This will build on the excellent work already done to develop and support financial and entrepreneurial education in schools across the UK.
An adult’s relationship with money is a direct consequence of what they have seen, experienced and learned throughout childhood and adolescence. More young adults are finding themselves in financial difficulties. 31% of 18 to 24 year olds are over-indebted. Behavioural change and early intervention evidence provides insight on how to reverse this trend.