Schools should teach children how to manage their finances on top of the mitochondria being the powerhouse of the cell, parents say.
A report released today says that four out of 10 18 to 24-year-olds do not feel confident about money.
But half said embarrassment stops them from chatting with their friends and family for advice.
Instead, one in five turn to artificial intelligence (AI) chatbots for help, while six in 10 look to social media users on Instagram and TikTok.
The solution, more than half of parents told MoneySuperMarket and suicide prevention charity Campaign Against Living Miserably (CALM), is to teach money management in schools and universities.
The Money Talks report showed that 92% of young adults agreed, saying financial schooling would have helped them feel less trapped and clueless.
Chris Almos, 22, is among those turning to AI for help managing their cash.
He said: ‘I never discussed money with my parents or other members of my family. It just wasn’t something that we talked about.
‘I’ve had to learn how to manage my money the hard way. I’m much better with money now, but working out how to manage it on my own has definitely been a challenge.’
Chris added: ‘I don’t think anywhere near as many young people would be relying on AI and social media if there wasn’t a stigma around talking about money.’
Half of young people too scared to look at their bank balance
MoneySuperMarket, a money-saving platform, and CALM surveyed 2,045 Britons in February.
As the cost of living crisis continues, 87% of the young people polled said they worry about not having enough money.
The pressure to be financially successful is something 84% are concerned about.
Four in 10 worry about how many zeros are in their bank accounts every day – two in 10 multiple times a day.
And they have their reasons. Six in 10 are struggling to afford essentials – such as groceries, travel and rent – and one in two are afraid to even look at their bank balance.
To get by, one in two has used Buy Now, Pay Later in the past year. One in four has taken out a loan.
One young person, not named in the report, said they are in debt as their job doesn’t pay enough.
They added: ‘It makes me feel very depressed, and it does keep me up at night a lot because I worry about how I’m going to pay it off.
‘I just think all the time about how much better my life could have been if I didn’t have that.’
Financial education isn’t compulsory in UK schools, though it is touched on in maths and Personal, Social, Health, and Economic (PSHE) education.
For youngsters to be financially literate, they need 30 hours of teaching, a study in 2023 found.
But this is something that not all teachers have the time or resources to do. The few students who did receive a financial education were only taught for 48 minutes a month on average.
Teaching young people what credit scores are and how overdrafts work would help them feel more confident, the Money Talks report said.
How money impacts mental health, why cryptocurrency can be risky and how to spot shoddy money advice should also be on the curriculum.
MoneySuperMarket’s personal finance expert Kara Gammell said: ‘This research underscores the financial and mental health challenges facing younger people.
‘The taboo that stops people talking about money and money worries is not only impacting people’s finances, it’s harming their well-being too.’
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