“I wouldn’t have had a clue”: young people speak out on the financial education they never received

Three young professionals share how they’ve had to become resilient and self-taught in financial literacy after leaving school unprepared for managing money in adult life.

The education gap

When Lewis Perzhilla, 21, thinks back to his secondary school education, the absence of financial teaching is stark. “I would say I received no financial education,” the sales executive recalls. “I do remember in a business studies GCSE, we were occasionally given 30 minutes to play around in fake stock markets. But it was nothing formal – it was more just a teacher keeping us busy.”

Ben Spencer-Jones, also 21 and now an Analyst at Alpine Formula One, had a similarly limited experience. “I don’t think I’ve had any actual teaching about financial literacy,” he says. And for Gabriella Goddard-Palmer, 22, who recently completed a degree apprenticeship in project management, the picture was much the same: “Very, very little.”

Learning through trial and error

These experiences aren’t outliers; new research from AAT found that 62% of 16–25-year-olds received little or no financial education at school. None of the three young people interviewed found this statistic shocking – Ben thought it would be “even higher”.

Without school support, all three have had to become self-taught. Lewis credits his family, particularly his mother’s approach to money, for sparking his interest. “I listen to podcasts and read about financial topics myself,” he explains. “If you weren’t into that, you’d have no idea what to do straight out of school in a full-time job.”

Ben takes a similarly proactive approach, “by either Googling or YouTubing”, whilst Gabriella, who now creates ‘finfluencer’ investment and healthy money mindset content on TikTok and Instagram, says: “Most of what I’ve learned has been self-taught.”

The gender and class divide

The research reveals particularly stark disparities: 43% of young women received no financial education at all, compared to 33% of men. Gabriella sees these patterns reflected in everyday conversations. “It’s not that women are being purposefully shut out,” she observes. “I just think the conversations aren’t being initiated enough. Traditionally, it was always the man who looked after the money – that’s still rooted in our minds.”

The real-world impact

AAT’s research shows that 60% of young people have already experienced serious money troubles. Only 50% understand that paying the minimum on a credit card incurs interest on the remaining balance. Just 41% are saving for retirement – rising to 47% among young women – and only 20% have opened an investment account.

Lewis recognises the compound effect of early action. “If someone had told me that at 16, if I had put 10% of my paycheck away each week, I might be getting a house at 26 instead of 30,” he says. “When I was 15 or 16, I was just spending all the money on things like new Xbox games, but now I’m 21, I’m looking towards buying a house.”

Ben, who benefits from a workplace pension through his apprenticeship, knows how easily he could have fallen behind. “I probably wouldn’t have been confident investing anything in a pension if I’d gone to university, which would have put me behind a few years.”

Modern financial challenges

Young people face obstacles their parents’ generation never encountered, such as the ease of spending money without thinking it through with Apple Pay, credit cards and apps. Lewis highlights buy now, pay later services: “Apps like Klarna cause a lot of issues. People easily get themselves into those debts which catch up later on.”

Gabriella points to misinformation on social media. “Day traders have ruined the image of investing – they flash their Rolex, go to Dubai, drive Lambos. People hear ‘stock market’ and think it’s all gambling, but long-term investing can actually be very low risk.”

What young people want

All three strongly support the government’s plans to introduce financial education from primary school age. “That would be very positive,” says Lewis. “If people know where to put their money, they have more money to spend and save in the long run.”

Ben sees it as levelling the playing field. “You’re not relying on a wealthy parent who knows about managing money. You’re not suddenly 25, having to learn about all these concepts for the first time.”

On what should be taught, Lewis advises: “Keep it simple – how much to save, what bills to pay first, how to use a credit card, what interest rates mean.” Gabriella emphasises the psychological side: “It’s the mentality behind saving – not splurging on an expensive coat the minute you get paid.”

Advice for the next generation

Gabriella’s advice is straightforward: “Spend intentionally. Don’t splurge on things you don’t need – but keep that balance of fun, because you work for your money.”

Lewis echoes this: “Learn the basics. Know how to use a credit card and how to build your credit score. When you get £1,000 in your paycheck, allocate a bit for fun money, a bit for savings.”

As AAT and Grace Hardy’s campaign highlights, with 91% of young people believing schools should teach financial literacy, there’s clear demand for change. The question now is whether the education system can adapt to this growing need for change.

For more information about AAT and Grace Hardy’s Money Matters campaign, and to read the full report, click here.

Sophie Cross is the Editor of Freelancer Magazine and a freelance writer and marketer at Thoughtfully.