Our education leaves us equipped to take on trigonometry or Pythagorus’ theorem but clueless about mortgages, taxes and savings. It’s no surprise that Brits feel that financial literacy is the top subject missing from their curriculum.
What Are Post-Pandemic Attitudes Towards Learning & Education?
Global online learning platform, FutureLearn.com, announces its second annual report on The Future of Learning. The report breaks down present attitudes towards the education and learning system, provides a post-pandemic view of how and what people hope to learn in the future, and the skills both professionals and employers are prioritising to bolster the future economy.
Andy Hancock, CEO of FutureLearn, said: “This year’s Future of Learning Report offers a deeper insight into key education and learning trends and how they’re impacting learners, educators, employers and society as a whole. As leaders within the online learning space, we at FutureLearn have a responsibility to set the bar for how we can continue to drive forward and re-shape the sector according to the ever-evolving needs of the consumer and the wider workforce, as well as of our global network of university and industry partners.”
Lack of Understanding For Financial Topics
The new data highlights how some Brits may feel they are at a disadvantage when it comes to understanding everyday finances including mortgages, taxes and savings, with almost 2 in 5 (39%) feeling everyday money management is missing from the curriculum. Interestingly, the drive to add financial education to the national curriculum is supported by baby boomers the most (44%), followed by millennials (35%) with Gen Z coming in the lowest at only 30%, despite a recent survey by Conscious Youth revealing almost three quarters (73%) of young people will leave school without a clear understanding of what a mortgage is.
Leading up to the 2022 Spring Budget, and with the knowledge that Britain’s inflation rate is set to hit a 30-year high of 5.4%, people are likely to want to increase their income, as well as gain a better understanding of their finances. With people becoming more entrepreneurial in order to boost their income, it’s no surprise that 41% of Brits admit they would consider starting their own business alongside their full-time job, with this being more prevalent in the 16-24 (65%) age group.
With an increased interest in starting a business outside of one’s main stream of income, people are also looking to diversify the way they learn and acquire new skills. When asked how they would consider gaining new skills to start their own business, online short courses came out on top (19%), followed by nearly 1 in 5 (16%) of Brits who would consider using self-guided studies as the best way to learn. This is supported by the fact that the business and management course category is the second most popular for enrolments on the FutureLearn platform.
Money impacts everyone and, from the data, it is clearly something people want to understand more about but also want to acquire more of, as one third (31%) of Brits stated they would study a subject that they know would get them a promotion or a well-paid job.
Astrid deRidder, VP of Content and Learning at FutureLearn, said:“Given the current economic climate, it’s only natural for people to want to have a greater understanding of how to better manage their money and personal finances. The research from our Future of Learning report this year shows that online learning clearly has a powerful role to play in increasing access to such vital knowledge and resources, from our courses and ExpertTracks on entrepreneurship and finance to our Microcredentials on business management. At FutureLearn, we’re dedicated to ensuring that people at all stages in their lives and careers feel empowered to achieve their goals, financial or otherwise, no matter how big or small.”