Why Only a Quarter of Young Adults Learn Financial Literacy at School and What Could Happen Next
Just 26% of 18–21year-olds in the UK report receiving any formal financial education at school. That leaves approximately 4 million young people navigating adulthood without essential money skills like budgeting, saving or recognising scams. Many turn to social media influencers for guidance, often at their peril.
Santander
Education Gaps: Hurting Lives
Financial illiteracy isn’t just disruptive, it’s damaging. Studies consistently link poor financial education to mounting debt, reduced savings, and heightened stress. If only a quarter of young people are taught financial basics, what hope do we have of building a financially resilient generation?
A Step Forward: New School Curriculum
There’s cause for cautious optimism. England will roll out 80 new lessons in schools aimed at ages 5–16. These will cover fundamental money skills like recognising ads, managing online spending, and identifying scams, while older students will learn about inflation, cryptocurrency, credit and more.
The Guardian
This is the sort of real-world relevance students deserve in their education.
Financial Support in the Real World
Policy and curriculum changes are vital. So are practical supports. Ofgem’s recent £9 million funding to charities through its Energy Redress Scheme allows organisations to deliver energy and financial support directly to vulnerable households. In areas like Liverpool and Staffordshire, Citizens Advice used these grants to support thousands with practical advice.
That’s the kind of frontline strength that changes lives today.
What Could Happen Next
Experts suggest that future progress might focus on:
- Embedding financial education into the core curriculum – ensuring lessons are consistent, assessed, and not left as optional extras.
- Supporting educators with tools and training – giving teachers the confidence and resources to deliver money lessons effectively.
- Sustaining practical delivery through charities and community schemes – so that short-term funding models don’t undermine long-term support.
Hyfa Foundation's Vision
Hyfa Foundation's approach spans education, support and community outreach:
- We design practical content on budgeting, managing money, and avoiding scams that works for young people and adults.
- We collaborate with local partners to deliver money skills where they’re needed most.
- We highlight the need for consistent financial education and support through policy conversations.
Final Thought
Financial education isn’t optional. It’s part of making society fairer, stronger, and more resilient. With curriculum reform on the horizon and practical schemes already at work, there is momentum but more remains to be done. Hyfa Foundation is committed to playing its part in helping make that change real.
Please do read about our Policy Briefing Paper on Financial Inclusion
Hyfa at NAMSS 2025: Supporting Student Services Through Financial Education
Blog post, 22nd March 2025
Hyfa at NAMSS 2025: Supporting Student Services Through Financial Education
Earlier this month, Hyfa Foundation attended the NAMSS Annual Conference for the first time – a milestone moment for us as a charity.
Co-founder Stephen Mix represented Hyfa at the event, joining student services professionals from across the UK for two days of discussion, insight, and connection. As our first involvement in NAMSS, we weren’t sure what to expect – but the reception was overwhelmingly positive.
“It was energising to see how many people genuinely care about improving students’ financial literacy,” said Stephen. “Many of the professionals I spoke to told me that students regularly cite financial knowledge as one of their biggest areas of concern. It was clear there’s a real demand for practical support.”
Our online financial education course was particularly popular, with many visitors to the stand keen to find out how it could be integrated into their existing support frameworks. There was also strong interest in the bespoke, in-person sessions we deliver, designed to meet the specific needs of students navigating life’s key transitions.
For us, the conversations confirmed what we’ve long believed – that financial education is a core part of student support, and that demand is growing. From budgeting and managing debt to understanding payslips and planning for the future, students need more than academic learning – they need tools that equip them for real life.
We’re now actively following up with the individuals and organisations we connected with, and look forward to building long-term partnerships that put student support and financial education front and centre.
How to Financially Prepare for Your First Child: A Step-by-Step Guide
Blog post, 3rd February 2025
How to Financially Prepare for Your First Child: A Step-by-Step Guide
Starting a family is an exciting milestone, but it also brings new financial responsibilities. Preparing in advance can help ease stress and set you up for a secure future. Here’s a step-by-step guide to financially preparing for your first child.
Step 1: Assess Your Current Financial Situation
Before making any changes, take stock of your current finances. Review your income, expenses, savings, and debts to understand where you stand. This will help you create a realistic budget for your growing family.
Step 2: Create a Baby Budget
A new baby comes with added costs, from nappies to childcare. List all expected expenses, including:
- One-time purchases – cot, pram, car seat, and baby essentials.
- Ongoing costs – nappies, formula, clothing, and healthcare.
- Childcare – if applicable, research costs early and explore options.
Step 3: Build an Emergency Fund
Having an emergency fund is crucial. Aim for at least three to six months’ worth of expenses in savings. This will provide a financial cushion in case of unexpected costs or changes in income.
Step 4: Review Your Health & Life Insurance
Check your health insurance policy to ensure it covers maternity care and your child’s medical needs. Consider taking out or increasing life insurance to provide financial security for your family.
Step 5: Plan for Parental Leave
Understand your employer’s maternity and paternity leave policies and any statutory payments available. If your income will change, adjust your budget accordingly.
Step 6: Start Saving for Future Expenses
Education and childcare costs can add up over time. If possible, start setting aside savings for:
- Childcare fees
- School-related expenses
- Long-term savings (e.g., Junior ISA or Child Trust Fund)
Step 7: Adjust Your Household Budget
Look at your current spending and find areas to cut back. Redirecting savings into a baby fund can make a big difference.
Step 8: Explore Government Support & Benefits
Check your eligibility for child benefit, tax credits, or parental leave schemes to help ease financial pressure.
Step 9: Plan for Wills & Guardianship
Having a will ensures your child is cared for if anything happens to you. Consider appointing a guardian and updating your financial plans accordingly.
Step 10: Continue Learning About Financial Wellbeing
Parenthood comes with evolving financial needs. Stay informed by seeking financial advice, reading resources, and attending workshops.
Final Thoughts
Financial preparation can make the transition to parenthood smoother and more manageable. By planning ahead, budgeting wisely, and building financial security, you’ll create a strong foundation for your growing family.
For more financial planning tips, visit Hyfa Foundation and explore our resources on financial wellbeing for life’s key transitions.
Empowering Financial Literacy: What Hyfa Foundation Does
Blog post, 4th October 2024
Empowering Financial Literacy: What Hyfa Foundation Does
At Hyfa Foundation, we are dedicated to bridging the financial knowledge gap, particularly for under-represented groups facing financial challenges. Our mission is to provide targeted financial education through workshops and programmes, equipping individuals with the tools to achieve financial independence and control over their lives.
Our Team
Hyfa’s efforts are led by a passionate team of trustees, including Meena Anand, Calvin Cowell, and Stephen Mix. With backgrounds in financial services, social mobility, and business, they bring a wealth of expertise to drive financial literacy initiatives forward. Each team member is dedicated to promoting financial inclusion and empowerment, with a strong focus on helping underserved communities.
Through their combined experience, Hyfa offers personalised support and resources that enable individuals to achieve both personal and professional freedom, creating lasting social impact.
Read more here