Martin Horne, Co-Head of Global Investments at alternative asset manager Barings, has emphasised the importance of financial literacy in helping young people build aspirations for their future prospects and careers. He stated that understanding essential financial concepts enables a better grasp of career development.
This comes as a survey, commissioned by the London Foundation for Banking and Finance, found that only 19 per cent of young people could correctly answer key financial literacy questions on interest, inflation, and risk. The survey also revealed that almost two-thirds (64 per cent) of young people experience anxiety about money.
Horne noted that nearly two-thirds of children are already anxious about their finances. He believes financial literacy helps embed confidence around terms like interest, mortgages, and loans, allowing individuals to understand financial commitments and their likely outcomes.
Barings has lent its support to the Year Six literacy campaign, an initiative launched by City AM in partnership with City Pay it Forward. This campaign aims to provide practical financial learning directly to children in classrooms, helping to address gaps in access to financial literacy.