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Younger people unsure of what a bank actually is…

UKSIF

 New research of British adults reveals that, among 18-24 year olds, 37% feel unsure of what a bank is and 83% of this age group also felt unable to explain what sustainable investments are

London, 19 October 2014 – An independent poll by YouGov surveying British adults aged 18+ – commissioned by the UK Sustainable Investment and Finance Association (UKSIF) ahead of Good Money Week (19 –25 October), reveals that a large proportion of younger adults (18-24 year olds) feel unsure of a number of financial terms, with a particularly large majority (83%) being unable to explain what sustainable investments are.  

Good Money Week, the campaign to raise awareness of sustainable, responsible and ethical finance, hopes to engage with young people, and students in particular, to help them understand the financial choices that are available and the importance of making sure they are happy with how their money is being used.

Lisa Stonestreet, Programme Director and Good Money Week Project Manager, UKSIF, said:
“A key aspect of Good Money Week is to empower people when it comes to asking questions about how their money is being used. In particular this year we are hoping to help young people understand that they have a voice when it comes to where their money is going. The Week is an opportunity to make sure that the people they trust with their money are using it in ways that benefit society and protect the environment.”  

Debbie Pippard, Head of Programmes at Barrow Cadbury Trust said:
 “The UKSIF poll has revealed a worryingly low level of knowledge amongst 18-24 year olds about the finance and investment sector.  Good Money Week is a fantastic starting point for engaging students and young people, giving them the tools to make informed decisions about how their money is used.”

Lily Lapenna, CEO of youth financial education charity MyBnk said:
“Unfortunately these findings come as little surprise – for years the UK has educated young people into debt and money lessons have only just now become compulsory in secondary schools. There is much to do and Good Money Week highlights the critical role financial services have to play. Only this way can we achieve true financial literacy so young people can save, avoid unsustainable debt and make informed decisions. Get curious, ask questions and seek help”.

The Good Money Week ‘Life of a Fiver’ infographic and other Good Money Week resources for students are available here:  http://goodmoneyweek.com/students

Ends

Interviews:

For interview requests and any more information please contact Lisa Stonestreet at UKSIF on 020 7749 9950, lisa.stonestreet@uksif.org.  

Notes to editors:

Methodology
The Good Money Week poll was conducted by YouGov. All figures, unless otherwise stated, are from YouGov Plc.  Total sample size was 2,155 adults, of which 185 were 18-to-24 years old. Fieldwork was undertaken between 6th - 7th October 2014.  The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

About Good Money Week
Good Money Week (19-25 October 2014) is an annual campaign to raise awareness of sustainable, responsible and ethical finance to help people make good money choices. Good Money Week brings together individuals, financial advisers, charities, faith, community and student groups and financial institutions to raise awareness of the importance of sustainable and ethical investment and finance. Good Money Week 2014 is sponsored by Barrow Cadbury Trust, CCLA, Ecclesiastical Investment Management, Standard Life Investments and Triodos. Good Money Week was previously known as National Ethical Investment Week (NEIW). For more information, please visit www.goodmoneyweek.com.

About the UK Sustainable Investment and Finance Association (UKSIF)
UKSIF supports the UK finance sector as a global leader in advancing sustainable development through financial services. We promote and support responsible investment and other forms of finance that advance sustainable economic development, enhance quality of life and safeguard the environment. Founded in 1991, UKSIF has approximately 250 members and affiliates including pension funds, asset managers, research providers, financial advisers, banks and non-governmental organisations. For more information, please visit www.uksif.org.