Budgeting is the most important skill children should learn, say Moneywise users

22 June 2017

Learning how to budget is the most important financial information children should learn, according to our latest poll results.

Over a third (35%) of the Moneywise.co.uk users who answered our financial education poll selected this option from a list of nine choices.

We asked the question to coincide with My Money Week, which is a national scheme organised by charities Young Enterprise and Pfeg (the Personal Finance Education Group) to encourage the teaching of personal finance in schools.

Moneywise also recognises the importance of teaching children about money issues, which is why we launched our Get Personal Finance Education Working campaign earlier this year, which includes our Personal Finance teacher of the Year Award – the results of which will be revealed in our July issue.

Going back to the poll results, the next most popular response, receiving 28% of the votes, was to teach children the difference between need and want. This was followed by teaching children why overspending and getting into debt can be dangerous – which received two in ten (21%) votes.

A further 8% said that the most important financial lesson for children to learn is the importance of working and earning an income, while 6% said children should learn how to save and earn interest.

This differs from research published by M&G Investments last week, which found that seven in 10 (71%) of parents and grandparents believe saving is the most important aspect of managing money that children should learn.

At the other end of the scale, Moneywise readers said how to read a payslip and understand what a mortgage is were not considered important - receiving 0% of the votes.

See the full results in the pie chart below.

Budgeting is the most important skill children should learn, say Moneywise users


In reply to by anonymous_stub (not verified)

I don't think that any Moneywise Readers would consider the ability to read a payslip or understand the mechanics of a mortgage as unimportant. Rather that the research instrument that you employed to capture the data and it's interpretation are somewhat lacking in depth and triangulation.

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