The mutual has called for young people to receive formal financial education across the UK, noting that England is not as consistent as Scotland and Northern Ireland in having financial capacity or education in primary school, with it only being in place in secondary school for England.
Yorkshire Building Society’s research suggests that under half of 16-27-year-olds recall having any financial education, despite it being added to the curriculum in 2014.
The mutual has gone on to submit recommendations to the government’s Curriculum and Assessment Review to improve the provision and depth of financial education across the UK. The report is expected early this year.
Yorkshire Building Society has brought out face-to-face financial education sessions in its Money Minds programme, where society colleagues volunteer to deliver lessons to help young people understand money.
Further research from the mutual showed more than a third of young people felt they lacked the knowledge to make financial decisions, but this improved with education at school.

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Half of Brits said financial education at school would have made their finances better.
Chris Irwin, director of savings at Yorkshire Building Society, said: “Helping people with their financial wellbeing is at the heart of our purpose as a building society. We know that people who engage in positive financial behaviours such as saving are generally less anxious about money and have greater life satisfaction overall.
“We also know that delivery of financial education across the UK is inconsistent, and that is why our colleagues have been out to schools and youth organisations to deliver financial education lessons to over 13,000 children and young people in the last year.
“Our research shows most young people rely on family to learn about money, meaning those from less financially savvy families may be at a disadvantage. There is an opportunity for us to help future generations have the best start in life, by teaching them important life skills and core financial information at school.
“Delivering financial education consistently in schools, from a younger age and in a way that helps people have the knowledge to deal with real-life issues, will help more people have a good foundation in life to face the future and its challenges with confidence and optimism.”