The National Literacy Trust has partnered with Experian to launch ‘Words that Count’, a national campaign to boost the financial literacy and understanding of six million young people aged between 16 and 24 in the UK.
The campaign will focus on a new relevant topic every fortnight over a period of six months, where Gen Z users can learn about managing their first jobs, paying bills and council tax. This news comes soon after a Money and Pensions Service survey found that only 51% of 16–17-year-olds in the UK feel confident about managing their own money.
The Words that Count website will have resources endorsed by influencers in the financial literacy space.
The National Literacy Trust revealed in 2019 that children and young people that have good reading skills are four times as likely to have good financial skills than their peers who have poor reading skills (36% vs 9%). Furthermore, children and young people who have poor reading skills are four times as likely to also have poor financial skills (56% vs 12%).
Jonathan Douglas CBE, chief executive of the National Literacy Trust, comments: “‘Words that Count’ aims to give people the confidence and competence to understand words in everyday situations that will allow them to make sound financial decisions knowing and using what support is out there, regardless of their situation. The advancement of technology has been brilliant on so many levels but there’s a limited number of people who are now equipped with the financial skills to become successful. We cannot afford to let this pandemic ruin young people’s futures any more than it has already. I would urge all young people to sign up for these free courses.”
James Jones, head of consumer affairs, Experian UK&I, adds: “We know that 16-to-24-year-olds have been one of the most heavily impacted age groups since the start of the pandemic, so it’s vital they get the support they need to help them succeed and avoid long-term problems associated with financial difficulty, such as problem debt and poor mental health.”