Could financial education have prevented my debt?

Do you remember learning about budgeting, saving, pensions or mortgages at school? Probably not - because it didn’t happen.

Money is something we deal with almost every day of our lives. 

Yet millions of us leave school without ever being taught the basics of how to manage it. 

Instead, we’re often left to figure things out for ourselves, and learning about money the hard way.

And that’s not right.

Des’s story

Des was overwhelmed by £25,000 of debt when he came to Money Wellness for help.

We helped him set up a debt management plan and secure an extra £140 a month in benefits.

Today, his finances are back on track - but he believes his problems could have been avoided entirely if he’d received proper financial education.

One of Des’ debts was a business loan he’d been tricked into taking out as part of a Ponzi scheme, and he thinks that if he’d been taught more about money earlier on, he would never have fallen for it.

Des said: “When I look back on it, some of the struggles I had, especially when I married early and had kids, I didn’t know what half of the stuff meant, like mortgages… It should be taught - it’s the main thing in life.”

Learning about money could have made a difference

Des certainly isn’t alone in wishing he’d been taught about money much earlier.

Our own research shows that most of the people we support would have found financial education valuable.

More than nine in ten (94%) told us they didn’t get any financial education when they were younger.

But notably, 80% said they think it would have made a difference to their situation.

And when asked what particular topics would have helped them manage their money better, more than three-quarters (77%) said budgeting.

This was followed by understanding what credit and debt is (68%) and how to save money and why it's important (62%).

These aren’t just numbers. 

They’re real people who feel their lives could have turned out differently if they’d been showed how money works.

School curriculum is set to change

Money Wellness has argued for a long time that financial education in schools needs to improve, as it can help people manage their money, make informed decisions and plan for a secure future. 

Thankfully, progress is being made, as the government recently confirmed that financial education will become compulsory for all primary and secondary school pupils in England.

From September 2028, money matters will be taught as part of compulsory citizenship lessons - alongside other vital life skills such as spotting fake news and understanding climate change.

Help is available for you

Of course, the change in the curriculum will come far too late for anyone who’s reading this article.

But we’re here to support those who didn’t have the chance to learn about money at school.

We can help you:

• create a household budget
• deal with your debts
• find out what benefits you can claim

An understanding of money isn’t just something that’s nice to have - it’s an essential life skill.

So if you’re struggling, it’s always worth reaching out and asking for help.