YouGov survey reveals public's financial awareness gaps

Coinciding with Talk Money Week, Quilter and YouGov surveyed 2,000 people between 19 and 22 October about their financial awareness. Plus we talk to a chartered financial planning firm that is getting involved.

Talk Money Week takes place from 12-18 November this year. It celebrates the work organisations around the UK do to improve financial knowledge and spread awareness of services such as financial advice.

Formerly Financial Capability Week, Talk Money Week is part of the Financial Capability Strategy, a national partnership led by a board of financial experts that aims to address issues such as budgeting, savings and debt for people in the UK.

Organisations such as financial educator Young Money, Legal & General, and the Money Advice Service will be taking part this year, as well as financial advice firms.

The theme for this year’s week is financial wellbeing.

Participating organisations are organising events, planning social media strategies, holding free planning sessions and sharing best practice.

On the next slide, James Thompson, director at Southampton-based NorthStar Wealth Management, shares his reasons for getting involved.

Talk Money Week takes place from 12-18 November this year. It celebrates the work organisations around the UK do to improve financial knowledge and spread awareness of services such as financial advice.

Formerly Financial Capability Week, Talk Money Week is part of the Financial Capability Strategy, a national partnership led by a board of financial experts that aims to address issues such as budgeting, savings and debt for people in the UK.

Organisations such as financial educator Young Money, Legal & General, and the Money Advice Service will be taking part this year, as well as financial advice firms.

The theme for this year’s week is financial wellbeing.

Participating organisations are organising events, planning social media strategies, holding free planning sessions and sharing best practice.

On the next slide, James Thompson, director at Southampton-based NorthStar Wealth Management, shares his reasons for getting involved.

James Thompson, director, NorthStar Wealth Management

We are really proud to be supporting Talk Money Week again this year. We are offering free 30-minute ‘Talk Money’ sessions with a chartered financial planner, both over the phone and online, to anyone that needs some help.

We would encourage other financial planning firms to get involved and support the Financial Capability Strategy initiative and Talk Money Week in particular.

The Financial Capability Strategy covers important work educating and informing the public about money. Some of the statistics are truly staggering, with the UK scoring pretty poorly when it comes to financial literacy and money management skills.

A recent survey showed just 40% of people believe they can successfully plan ahead when it comes to money and more than a fifth cannot read a bank statement.

The capability of young people is even more of a concern, with many unable to grasp the basics of personal financial management. This could lead to a new generation making poor financial choices with many getting into difficulty with money in adulthood.

A central tenet of our work at NorthStar is to help educate, inform and advise our clients about their money so they can stay in control and achieve what they want from life. Talk Money Week is a great way for us to help those who may not ordinarily seek out financial advice to get some basic financial assistance and find answers to the pressing money questions they have.

Coinciding with Talk Money Week, Quilter and YouGov surveyed 2,000 people between 19 and 22 October about their financial awareness.

31% said they did not save anything (excluding pensions) each month.

48% said financial education should be taught at secondary school level.

30% have never made an investment (excluding pensions).

36% use their family to help them make financial decisions.

70% have never used an adviser.

51% of those have taken advice said they benefitted a bit from using a financial adviser.

Of those who had never used an adviser, 49% said they did not feel they had enough money to justify it, while 24% said financial advisers are too expensive.

55% said they are planning to use the state pension to fund their retirement.

55% do not have a will.

61% had a poor understanding of tax rules regarding investments.

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