ERIC Number: EJ1404431
Record Type: Journal
Publication Date: 2023
Pages: 27
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-0007-1005
EISSN: EISSN-1467-8527
Socio-Economic Inequality in Young People's Financial Capabilities
Anders, Jake; Jerrim, John; Macmillan, Lindsey
British Journal of Educational Studies, v71 n6 p609-635 2023
Previous research has shown that the UK has low levels of financial literacy by international standards, particularly among those in lower socio-economic groups. This may have an impact upon young people, with social inequalities in financial attitudes, behaviours and skills perpetuating across generations. Using parent-child linked survey data from 3,745 UK families, we find sizeable socio-economic inequalities in young people's financial capabilities, aspects of their mindset, and their financial behaviours. Sizeable differences are also observed in the financial education that socio-economically advantaged and disadvantaged children receive at school, and how they interact with their parents about money. Parental interactions can account for part of the socio-economic gap in money confidence, money management, financial connections, and financial behaviours, but less so in boosting financial abilities. However, we find no evidence of differences in financial education in schools driving differences in young people's financial capabilities.
Descriptors: Socioeconomic Status, Equal Education, Financial Literacy, Money Management, Foreign Countries, Young Adults, Disadvantaged Youth, Parent Child Relationship, Parent Influence
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Publication Type: Journal Articles; Reports - Research
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: United Kingdom
Grant or Contract Numbers: N/A