Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • September 2017
09

Majority of personal investors have no financial education

Open-access content Thursday 21st September 2017 — updated 5.50pm, Wednesday 29th April 2020

A survey of personal investors by The Share Centre has revealed that almost 80% had no exposure to financial education when they were at school.

2

Instead, the majority claim they learnt about the subject through their peers, with just 18% saying they were taught about finance as part of other subjects like maths and economics.

However, a whopping 90% said they think financial education should be compulsory, with almost half saying they wish they had learnt about pensions prior to leaving school.

It was also found that 50% would have liked to have been taught about the mechanisms of the stock market, while 38% wished they'd learnt more about tax and mortgages.

"With the plethora of relatively complex financial decisions required in life, it is clear that there is a need for greater financial education within the school environment," The Share Centre, chief executive, Richard Stone, said.

"With school leavers likely to end their higher education with large debts, housing now less affordable, and the savings ratio at an all-time low of 1.7%, perhaps there should even be a financial education GCSE everyone should take."

This comes after research by Capita Employee Benefits revealed 76% of employees in the UK believe improved financial education would help them cope with life issues like retirement planning.

It was also found that they think being taught about finance at work could help them to live within a budget, and enable them to better manage and pay off existing debts.

This could have both health and economic benefits, with a third of employees saying they have lost sleep as a result of financial worries, which is thought to be having a negative impact on productivity.

"The case for financial education is compelling," Capita Employee Benefits research and engagement manager, Gareth Davies, said.

"A workforce that is more financially aware and educated, with less stress, can only be a good thing for an organisation."


Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession

This article appeared in our September 2017 issue of The Actuary.
Click here to view this issue
Filed in
09

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Deputy Head of Capital Modelling

London (Central)
£110000 - £130000 per annum
Reference
144789

Head of Analytics (Actuarial)

London (Central)
£130000 - £165000 per annum
Reference
144788

Pensions Actuarial Analyst - GMP Equalisation

London (Central)
£ dependent upon experience
Reference
143745
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ