2023
9
UK Financial Education Market Report 2023
2024-01-11T04:01:34+00:00
REP0465F6B5_766E_4CFA_B200_360E414B40A9
2195
169507
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Report
en_GB
Financial education will increasingly become embedded within the customer experience as Consumer Duty rules place greater emphasis on understanding and support. A Mintel Analyst, Global Analyst…

UK Financial Education Market Report 2023

£ 2,195 (Excl.Tax)

Description

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

  • Interactive Databook: Each Databook is provided as an interactive website where you can deep dive into our consumer research data on your chosen topic so you can draw your own conclusions.
  • Consumer Confidence Tracker: Our Trackers paint the picture of the economic confidence and major concerns of up to 40 different demographics, tracking changes in attitudes over time.
  • Custom PowerPoints: Incorporate our consumer research data into your own work so you can win over your clients and stakeholders. Select insights from your report to create a custom presentation that is ready to download in minutes.
  • Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentations.
  • Mintel’s Clients Portal: Our portal provides instant access to actionable analysis, podcasts, and trend pieces relevant to your industry that are published almost daily, as well as our annual Global Consumer Trends. You can also browse our extensive catalogue of market research reports.

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

Table of Contents

    • Key issues covered in this Report
  1. 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
  2. Market Dynamics

    • Market, educational and social context
    • Regulatory and legislative changes
  3. 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
  4. Innovation And Marketing Trends

    • Financial education strategies
    • Advertising and marketing activity
  5. Appendix

    • Report scope and definitions
    • Methodology

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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2024 Sample Consumer Cover

Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

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