New research shows that some teachers think financial literacy should being at primary school.

A recent poll conducted by YouGov showed that 76% of teachers believe young people leave school or college without the money skills they need for adulthood. And one in four teachers said they believed that financial education should start at nursery.

Research by Eligible - the UK's first platform used by banks to provide bespoke financial communication through AI - found that 11% of Brits have encountered permanent implications to their borrowing and spending activities, due to not having enough financial knowledge about their own situation.

A study by Aviva showed that just 44% of Brits grasp the effects of inflation on savings. While, according to The Banking and Finance Review, 93% of consumers feel that education has failed to adequately prepare them to manage their finances.

Zahra Hassan, co-founder of Eligible, said: "Banks bear a significant responsibility in helping Brits improve their financial literacy, and they are inherently motivated to refine their language in digital channels in order to do so. The crucial shift in the concept of financial literacy lies in recognising that it's not merely about comprehension at the point of sale for financial products such as mortgages, credit cards, auto loans, and personal loans, as these are not everyday acquisitions.

"Instead, it necessitates continuous education and providing customers with a comprehensive understanding - like watching a movie of their financial journey rather than capturing a static snapshot. Banks must take on the task of enhancing financial literacy that goes beyond the confines of fine print and mere regulatory compliance."