(28.08.26) – As quarter of a million young people head off to university for the first time next week, young Brits risk entering financial independence without the knowledge and confidence they need to manage their money effectively, according to national financial advice firm Continuum.
The government pulled financial education into focus by sharing plans to mandate financial literacy across primary and secondary schools in November. However, details of the new curriculum that will be rolled out in September 2028 have since revealed they will still only cover very basic financial numeracy and topics.
As over a quarter of a million young people head off to university for the first time starting from next week, many will be experiencing financial independence for the first time without enough money management tools.
Continuum believes that whilst the mandatory curriculum in schools is still lacking, it provides an opportunity for financial advisers to add further value to existing client relationships by helping families improve financial understanding across generations.
Richard Watkins, Certified Financial Planner at Continuum, said: “Financial education in this country is woefully lacking. In theory it is part of the secondary curriculum, and will be added into the primary curriculum from 2028, but what is on offer does not go far enough to give children the essential financial management skills they need in life.
“I always offer my clients some coaching sessions with their children, helping them build their knowledge and confidence around money from an early age. The coaching covers a wide range but focusses on how to deal with large sums of money, money skills, talking about fear of money, guilt around money and how to understand investment reports.
“Advisers are in a uniquely trusted position with their clients, who trust them with their finances and plans for the future. This places them in the perfect position to engage the next generation by helping clients educate their children around money management.
“The key skills an adviser brings to the table is an ability to listen, understand & apply, bring purpose and discipline as well as teaching the importance of planning, the effect of time and compound returns and skills like budgeting and forecasting. A good adviser will teach importance of long term planning, importance of diversification, don’t expect too much, leave emotion out of it, importance of assessment and review, patience and discipline.”
These conversations can also help families become more comfortable discussing inheritance, gifting and the transfer of wealth between generations.
There are many examples of where Continuum clients and advisers have both benefited from the adviser offering financial education to younger generations. For example one of Richard’s clients won a significant sum on the lottery. He engaged with their young son to coach him about handling money and the inheritance he will one day receive. Many years on the son and his wife are now still clients of Richard.
Teaching clients’ children about money management can also lead to an improvement in how the family talk to each other about money, and help the adviser when it comes to estate planning.
Richard added: “The lack of education does not just lead to youngsters making mistakes with their money management, but it also gives them a real fear of talking about money. People are terrified about talking about money and their relationship with money because it is stressful, is a social taboo and we are uneasy talking about numbers.
“A good financial planner can help young people overcome that fear by giving them greater understanding, confidence and a clear sense of purpose when it comes to their money. . This in turn can help them be more open with their parents and other loved ones, including the advisers’ clients, when talking about money and their plans for the future. Enabling the advisers’ clients to offer support and tailor any estate planning accordingly. A win for all.”
Richard Watkins, Certified Financial Planner at Continuum
Editors Notes – About Continuum
Continuum, headquartered in Plymouth, was established in 2014 by founding partner, Martin Brown, as a National IFA brand to offer a modern, new financial advice experience.
The business focuses on creating a three-way partnership between Continuum, the adviser and the client, in an environment where each party can only succeed and grow if the other parties also succeed and grow.
By educating customers through an award-winning financial education programme and offering our clients a loyalty programme, Continuum develops long-term relationships strongly endorsed though market leading Net Promoter Scores – most recent customer survey delivered a score of +90.
An in-house discretionary model portfolio service, My Continuum Wealth, was initiated in July 2021 to offer an exclusive MPS (Model Portfolio Service) to Continuum advisers.
Continuum now holds assets under influence in excess of £3.12 billion.
In December 2020 Continuum was awarded ESG kitemark (ESGmark) accreditation in recognition of its business approach of Environmental, Social Responsibility and Governance matters.
Continuum is a trading name of Continuum (Financial Services) LLP which is authorised and regulated by the Financial Conduct Authority. Continuum (Financial Services) LLP is a Limited Liability Partnership
Media
Katherine Mitchell 07917 855881 kmitchell@brandonconsultingservices.co.uk
