Research shows a continued need for financial education among Brits

Research from Aviva has shown a continued need for financial education across the UK, with over 60 per cent of Brits saying that they wish they had learnt more about financial matters earlier in life.

The research, which surveyed 2,166 people in the UK, showed the impact that a lack of financial knowledge has had on Brits, with over 40 per cent still being affected by financial mistakes that they made in the past.

Confident

The study also found that 64 per cent of people wished that they had managed their finances differently. However, some respondents were found to be feeling confident about their knowledge of financial issues, with 40 per cent saying that they could explain tax allowance on personal pensions and 47 per cent saying that they have knowledge of the impact that inflation has on savings.

Despite most of the survey respondents saying that they had made mistakes with their finances in the past, over 75 per cent said that they are able to manage their finances now.

Older people were found to be the most confident about managing their finances, with 87 per cent of those aged over 65 believing that they have good financial management skills, compared to 73 per cent of those in the 16 to 24 age group.

Striking

Aviva Adviser Platform CEO Tom Orton commented: “It's striking that people across all ages say they wish their financial education had started earlier, despite the obviously positive news that most people think they have sufficient knowledge now.”

He added: “There's clearly a continued need, throughout life, for people to refresh their knowledge and for them to be able to access information through a variety of sources.”