Gen Z adults ‘wish they’d learned about money before moving out’

Many young adults wish they’d been taught more about money earlier in life, as managing their finances is causing them huge anxiety.

According to Citizens Advice and Loqbox, nearly two-thirds of 18 to 28-year-olds (65%) believe money worries are harming their mental health.

This may partly explain why a similar number (64%) would like to have learned more about managing bills before moving out.

Schools should step up on financial education

Responding to the findings, Citizens Advice and Loqbox said the lack of focus on money skills in the school curriculum has created a financial education gap.

“If young people are beginning to manage their finances without the knowledge or support they need, it's understandable they may feel stressed or lose sleep over money worries,” said Thomas Monaghan of Citizens Advice.

“When money isn't managed well, young people can find themselves facing barriers when trying to access credit, like a credit card or mortgage.” 

Tom Eyre of Loqbox added: “We give young people serious financial responsibilities long before we give them the tools to handle them. 

“They are expected to sign contracts and manage debt while still trying to make sense of the small print.”

School curriculum is set to change

The government has confirmed that financial education will become compulsory for all primary and secondary school pupils in England as part of a major overhaul of the national curriculum.

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.

We’re really happy that ministers have listened to what parents, young people and organisations like Money Wellness have been saying for years.

Our own research shows that many of the people who’ve come to us for help wish they’d been taught about money much earlier.

More than nine in ten (94%) of the people we asked said they didn’t get any financial education when they were younger.

But notably, 80% said they thought being taught about topics like budgeting and saving would have made a difference to their situation.

So it’s clear that financial literacy isn’t something that’s nice to have - it’s an essential life skill.