Wider importance of the project
The Money Advice Service (MAS) believes that childhood and adolescence are vital times to influence skills, knowledge, mindset, attitudes and behaviours essential to adult financial capability and the outcomes people achieve in life. A key theme of both the Financial Capability Strategy for the UK and the MAS Business Plan, is ensuring all children and young people get the financial education they need to be able to manage money well and make good financial decisions later in life.
MAS does this through building evidence about what children need to develop good financial capability and what works to help them achieve that; and using these insights to develop and influence funding, commissioning, policy, and delivery of financial education in schools, homes, and communities across the UK.
MAS commissioned BMG Research for a study that sought to:
- Provide a baseline of financial capability among children, young people and their parents.
- Explore the drivers of good and bad financial capability, including the role of families and school.
- Analyse how young people progress as they transition into adulthood.