With this comes exposure to financial misinformation on social media and scam advertising, something that did not exist 10 years ago.
Alongside promoting positive financial education and promoting the capabilities of young people, it is equally important to help young people recognise and navigate these challenges.
Considering the impact of financial education on boosting social mobility will be key to this work. A recent study found that poorer children were “years behind” their peers when it comes to managing money, with the financial skills of 15-year-olds from socio-economically disadvantaged backgrounds similar to those of 11-year-olds from advantaged backgrounds.
If we are to truly reframe the way young people view the role of financial education in in helping them build their futures, it is crucial that we enable them to build a healthy relationship with money, alongside addressing the root causes of inequality.
An ever-shifting world presents young people with an incredible opportunity, and with collaboration between schools, the third sector, governments and employers, we can ensure that we inspire a generation of financial capable young people to turbocharge a recovering economy.
Sharon Davies is chief executive of Young Enterprise
