True Potential, a wealth management firm that works with a fifth of the UK’s financial advisers, has announced their new ‘On the Money’ campaign. This initiative aims to address the pressing need for increased financial literacy among children before they leave school. As part of the campaign’s first phase, 115 of True Potential’s financial advisers will be deployed to schools nationwide to provide comprehensive personal finance lessons to over 30,000 students.
A YouGov survey commissioned by True Potential for the campaign’s launch found 79% of 18-24 year-olds said they believe that higher numeracy skills would positively impact their ability to manage personal finances, with 52% admitting they feel confused about financial matters either some or a lot of the time.
The survey found that 63% of Britons wanted the government to improve the quality of mathematics education in schools, with 91% calling for an increased emphasis on practical, real-world applications of mathematics in education, such as budgeting and investing.
To address these findings, the On the Money campaign will provide students with free lessons from financial advisers who will guide them through exercises to practise managing their finances in hypothetical situations.
The lesson content has been developed in partnership with the Open University and will cover skills such as understanding bank accounts, saving, budgeting, debt management, credit scores, income tax, and national insurance contributions. Students will also study the impact of inflation and interest rates on everyday finances. With consumer borrowing at a five year high, the lessons will also cover the difference between good and bad debt. Virtually everyone will borrow money at some point in their lives, yet it is not something typically explored at school.
True Potential’s On the Money campaign builds on its track record of action to improve financial literacy in the UK and abroad. True Potential’s previous partnership with the Open University has seen free online personal finance courses provided to over a million learners across the UK since 2013. Since 2017 the company’s charity partner, the Harrison Foundation, has also opened up six Centres for Social Mobility across the North of England which provide training to young people to help them grow in confidence and secure a job.
True Potential CEO Daniel Harrison commented on the campaign, stating:
“Poor financial literacy is a significant issue in the UK, limiting young people’s ability to manage their money effectively and get on in the workplace. Our On the Money campaign aims to bridge this gap by providing financial advisers in schools and preparing students for adulthood, higher education, and the job market. While the government’s efforts to extend maths education are commendable, our research shows that changing the curriculum to make sure young people have the right practical skills is just as vital.”
David Brown, a True Potential adviser participating in the campaign, commented:
“Empowering the next generation with financial wisdom is an investment in a brighter future. I’m proud to be part of this campaign. It’s a great opportunity to equip young minds with the practical skills they need to navigate the complexities of managing their finances in the real world.”