Be honest – how much of what you learnt in school do you use in real life? What about when it comes to maths?
According to research we conducted last month, chances are, you probably don’t use much of it. In fact, we found that 62% of millennials in the UK have never used what they learnt in GCSE maths, such as algebra and trigonometry, in everyday life.
Unfortunately, this suggests that most of us probably suffer from a lack of any practical finance knowledge. Even those who are good at maths admit to struggling, with 61% of millennials with an A grade in maths GCSE revealing that they have encountered financial issues due to a lack of understanding of financial terms.
What’s missing from our financial education?
When we asked people what would have been more useful to learn, nearly half (46%) admitted they would have liked more education around budgeting, while 37% wished they’d been taught about mortgages and 27% would have benefitted from education around taxes.
Sarah Pennells, our resident personal finance journalist and creator of money website savvywoman.co.uk, said: “The Noddle research highlights some big gaps in the finance knowledge of millennials […] We owe it to future generations to give them the knowledge they need to be more money savvy, to understand debt and how to manage their own finances.”
How we’re dealing with key financial milestones
If education has let many of us down when it comes to practical finance knowledge, it seems we can at least rely on mum to get us through. Almost a third (28%) of men surveyed by Noddle said their mothers would be who they turn to for financial advice. Four in ten finance professionals also admit that their mum is the most reliable when it comes to money stuff.
What can be done to get an A in personal finance?
First thing’s first, you need to get an idea of what your knowledge is like. Take our personal finance quiz to learn if your money-know how is as good or bad as you think it is.
Once you know where your weak spots are, start to fill in the blanks. At Noddle we have lots of helpful tips and guides on our blog and on our brand new Help Hub, covering everything from mortgages to protecting against identity theft.
 Survey carried out by Censuswide on behalf of Noddle.co.uk. 1,006 people living in the UK aged between 21 and 35 – 17th and 24th July 2017.