Would learning about money have made a difference to your spending habits?

Were you taught about key financial concepts like budgeting, saving, pensions and mortgages at school? Probably not - but a huge number wish they had been.

New research from Hymans Robertson has found that one in ten adults never received financial education and now struggle to manage their money.

More than one in five (21%) people said they regret overspending on “consumables” like meals out and clothing.

Meanwhile, a similar number (19%) said they feel bad about spending more than they earned. 

Young people feel strong sense of regret

Interestingly, this sentiment is particularly common among younger adults.

And many blame social and lifestyle pressure for forcing them into spending too much.

In fact, just one in five (19.8%) 18 to 24-year-old said they didn’t feel pressure to present a certain lifestyle or image.

Debt a common regret

The study also found that many people regret taking on debt.

One in five (20%) said they wish they hadn’t built up credit card debt, while 13% would think again about using buy now, pay later to make a purchase.

A further 13% felt bad about borrowing from friends and family, and 11% said they regretted taking out payday loans.

Learning about money can make a big difference

We’ve seen this happen ourselves far too many times.

In a survey of the people we support, 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 that they would’ve liked to have learned about topics like budgeting, how to save and understanding credit and debt.

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.”

Help is available for you

Although financial education will become compulsory for all primary and secondary school pupils in England from September 2028, this change in the curriculum will come far too late for anyone 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.