Anders, Jake;
Jerrim, John;
Macmillan, Lindsey;
(2023)
Socio-Economic Inequality in Young People’s Financial Capabilities.
British Journal of Educational Studies
10.1080/00071005.2023.2195478.
(In press).
Preview |
Text
Socio Economic Inequality in Young People s Financial Capabilities.pdf - Published Version Download (923kB) | Preview |
Abstract
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.
| Type: | Article |
|---|---|
| Title: | Socio-Economic Inequality in Young People’s Financial Capabilities |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1080/00071005.2023.2195478 |
| Publisher version: | https://doi.org/10.1080/00071005.2023.2195478 |
| Language: | English |
| Additional information: | © 2023 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way. The terms on which this article has been published allow the posting of the Accepted Manuscript in a repository by the author(s) or with their consent. |
| Keywords: | Inequality, socio-economic differences, financial literacy |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > School of Education UCL > Provost and Vice Provost Offices > School of Education > UCL Institute of Education UCL > Provost and Vice Provost Offices > School of Education > UCL Institute of Education > IOE - Social Research Institute |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10171858 |
Archive Staff Only
 |
View Item |
