The joint fund is to investigate the most effective ways to deliver financial education to children and young people – understanding which interventions work best and sharing examples of best practice. Pugh continued: “There’s an increasing desire to improve the money management skills of pupils before they start work, which is fantastic, but sadly, all too often, once they become employees that financial hand-holding disappears. Yet you could argue this is when it’s most crucial; people have money at their disposal, new financial commitments and no guidance on what to do with it.
“Businesses may well opine it’s not their responsibility and employees can turn to other sources of advice, but feedback we receive suggests employees would welcome financial education from their employer.”
In a recent Lemonade Reward survey, 77% of respondents at a national workplace benefits exhibition said they would take advantage of financial education in the workplace if it was offered, yet only 22% of employers offered this facility. Pugh concluded: “We seem to take a start stop approach to financial education in this country, hundreds of thousands of pounds are spent researching into the best way to engage with pupils and improve their financial knowledge and then rather than build upon the foundations that are there, businesses ignore them.
“As the CEO of EEF Sir Kevan Collins commented ‘developing a good level of financial literacy is important to success in later life’ – I just hope employers take this on board and recognise the role they have to play in ensuring the financial wellbeing of their staff.”