According to a report, two-thirds of youth believe that they are in debt due to lack of financial education.

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Research has shown that important money habits and skills begin to form between the ages of 3 and 7, yet only 38 percent of children and youth in the United Kingdom have some form of financial education in school.

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Studies have also linked high levels of economic deprivation to low levels of financial understanding, making problems worse for already vulnerable communities.

The report was produced by Santander UK, a bank wholly owned by the Santander Group of Spain, which has drawn data from several academic research papers and surveys conducted over the years.

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A study, a survey of 4,000 people by the Center for Social Justice (CSJ) in January this year, found that 68 percent of adults believe that a lack of financial education as a child caused problems in later life. have been born.

Santander is joining UK TV presenters Ant McPartlin and Declan Donnelly as their new ambassadors. financial education program – The Numbers Game – Created in partnership with Twinkle, the educational publisher.

Teaching materials will be accessible to more than 30,000 British schools, including 600,000 teachers and 8 million children and youth aged 5 to 14.

McPartlin said: “Research has shown how important it is to have the right resources available to children and young people.”

Donnelly continued: “There’s no better place to start learning about how to handle your finances than school and hopefully this campaign can really make a difference for young people.”

First launched in 2019 to promote literacy in numbers, the banking giant believes the numbers game has helped over 1 million children and young adults become more confident with numbers and money .

Faced with an increased cost of living, 83 percent of adults already reported an increase in their household cost in March 2022.

And 44 percent believe they would be better prepared financially if they had received a financial education that includes basic money skills such as household budgeting.

Mike Regnier, CEO of Santander UK, said: “Promoting key wealth management skills at an early age will ensure future generations leave school equipped with the foundations of financial independence and better financial decision-making skills.

“As a responsible business, improving financial education and literacy is a major ambition, so we are delighted that with Twinkle we can provide teachers and parents with engaging tools that will make a difference for students across the UK. “

Sarah Poretta, executive director of The Money and Pension Service, said: “We believe numbers game learning resources will contribute significantly to that national goal by giving more teachers and parents the confidence, skills and knowledge to teach financial education.”

This story was provided to Newsweek zengar news,