Stay ahead of the curve and future-proof your business with Mintel’s UK Financial Education Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest consumer financial education research, trends and consumer behaviours affecting your business. Get a 360° view of the financial education market including market size, share and forecasted growth to help you align your business strategy with the needs of your audience.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Topics Analysed in this Report
- Explore the context and importance of consumer financial education.
- Industry and sector developments and responses to need for financial education.
- Understand how consumers assess their knowledge of finance in general and product terms.
- The main sources of information that contribute to consumer financial education.
- Examine the role played by parents in financial education and how this has evolved.
- Gauge interest in the areas that people are interested in learning more about and understand attitudes towards financial education.
Consumer Financial Education Market Outlook
Consumer financial education was part of the financial services industry’s response to consumer uncertainties and anxiety during the COVID-19 pandemic and subsequent cost of living crisis. These events allowed providers to demonstrate a more customer-centric approach and establish support services that will evolve in future.
Financial Education Trends, Opportunities and Challenges
Support parents in educating their children
The majority of parents want to instill good money habits in their children. However, many need to be equipped to do so. With rapidly evolving technology, providers can assist parents by providing education programmes, tools and resources to help open up discussions about family finances.
- Financial education trend: 65% of parents intend to bolster their children’s financial education.
Build confidence and engagement among young women
Women under 35 are among the least confident in their financial knowledge. However, a lack of confidence doesn’t mean young women don’t want to engage in or improve their finances. A more targeted approach to budgeting tools backed up by aspirational messaging could increase engagement.
- Consumer financial education statistic: 11% of women aged 16-34 describe their financial education as poor.
Purchase our UK Financial Education Report to receive a five-year forecast, consumer behaviour analysis, and recommendations for market opportunities. Readers of this report may also be interested in our UK Consumer Attitudes towards Debt and Credit Market Report 2023, or our range of Personal Finance Market Research.
Brands Featured in the Full Report
Nationwide, Lloyds Banks, Barclays, NatWest, Money Charity, Zopa, HSBC, Yorkshire Building Society.
Additional Features Included with Your Purchase
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Expert Insights from a Mintel Analyst
This report, written by Debbie Osguthorpe, a leading research analyst, delivers in-depth commentary and analysis to highlight trends in the financial education market and add expert context to the numbers.
Consumer financial education will increasingly become embedded within the customer experience as Consumer Duty rules place greater emphasis on understanding and support.
Debbie Osguthorpe
Global Analyst
Collapse All
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- Key issues covered in this Report
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Executive Summary
- Opportunities in financial education
- Market dynamics
- What consumers want and why
- Graph 1: sources of financial education, 2023
- Graph 2: use of financial providers as a source of education, by financial situation, 2023
- Graph 3: attitudes towards financial education, 2023
- Innovation and marketing
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Market Dynamics
- Market, educational and social context
- Regulatory and legislative changes
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What Consumers Want and Why
- Assessment of general knowledge of personal finances
- Graph 4: assessment of own general knowledge of personal finance, by financial situation, 2023
- Graph 5: assessment of own general knowledge of personal finance, by generation, 2023
- Graph 6: assessment of own general knowledge of personal finance, by gender and age, 2023
- Knowledge of financial products
- Graph 7: confidence in describing specific financial products, 2023
- Graph 8: confidence in describing an ‘annuity’, by age group, 2023
- Graph 9: confidence in describing a ‘defined contribution pension’, by age group, 2023
- Sources of financial education
- Graph 10: sources of financial education, 2023
- Graph 11: parents as source of financial education, by generation, 2023
- Graph 12: social media and school/college as sources of financial education, by generation, 2023
- Graph 13: number of different sources of financial education used, by assessment of own financial knowledge, 2023
- Role of parents and family in financial education
- Graph 14: ways in which parents/family members contributed to own understanding of financial matters, 2023
- Graph 15: ways in which parents/family members contributed to own understanding of financial matters, by generation, 2023
- Graph 16: number of ways in which parents/family members contributed to own understanding of financial matters, by assessment of own financial knoweldge, 2023
- Graph 17: ways in which parents intend to contribute to their child/children’s understanding of financial matters, 2023
- Graph 18: ways in which parents/family contributed to own financial understanding, compared to parent intentions to contribute to their child/children’s understanding of financial matters, 2023
- Graph 19: number of ways in which parents intend to contribute to their child/children’s understanding of financial matters, 2023
- Interest in selected areas of financial education
- Graph 20: interest in areas of financial education, 2023
- Graph 21: interest in selected areas of financial education, by gender and age, 2023
- Graph 22: interest in areas of financial education, by confidence in financial matters, 2023
- Attitudes towards financial education
- Graph 23: attitudes towards financial education, 2023
- Graph 24: response to the statement “my finances regularly cause me stress”, by assessment of own general knowledge of personal finance, 2023
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Innovation And Marketing Trends
- Financial education strategies
- Advertising and marketing activity
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Appendix
- Report scope and definitions
- Methodology
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