Two-thirds (64%) of UK employees have never received any personal finance education, according to research commissioned on behalf of the Open University Business School (OUBS) and Share Radio
Two thirds of UK staff admit they have never received personal finance education such as how to manage everyday spending and saving
Four-in-five employees want personal finance help from their employers
Two-thirds (64%) of UK employees have never received any personal finance education, according to research commissioned on behalf of the Open University Business School (OUBS) and Share Radio.
The research also revealed that while many employees claim to have a reasonable level of financial knowledge, what they have most recently learnt has often been the result of a kneejerk reaction to a major life event, such as leaving school or buying a first property, as opposed to being taught. Almost half (44%) of those surveyed also confessed that major life events were also the last time new financial knowledge was gained.
How employees admit they have learnt personal finance education*
Through family and friends 12%
Self-taught from the media 10%
Self-taught from the internet 8%
From their employer 7%
While at school 6%
While at university/college 6%
Self-taught from personal finance books 5%
*Survey respondents were able to give multiple answers to this question
As a result of financial education being added to the school curriculum throughout the UK, the situation should improve among future generations. There is also a clear need for education among the current workforce, with just 7% having received any assistance from their employer. Moreover, four fifths (81%) of the UK workforce admit they would favour help from their employer to understand their finances. A third (33%) stated financial education would help them plan their financial future and 25% said it would help them to understand their pension. Of the ways employees would like their employer to help them, more than a quarter (26%) favoured one-to-one sessions and 22% would like the option of free financial courses.
In order to tackle the lack of financial education in the workplace, The Open University Business School, through its dedicated research centre, the True Potential Centre for the Public Understanding of Finance, has partnered with Share Radio, the UK’s only national dedicated personal finance radio station, to make the ground-breaking ‘Managing My Money’ eight week personal finance course easily accessible to any employers looking to encourage personal finance education among its employees.
The course, which starts afresh each fortnight, is free and is broadcasted via the DAB station. There are two 25 minute episodes per week, each with an online test. Following the final, more comprehensive test, students receive a Statement of Participation from the Open University. For the first time students will be allowed to name a third party who can monitor their progress and collect their qualification results. Upon completion participants can include the certificate to their CV to further build their job prospects.