Nearly 80% of first-time buyers in Britain share the feeling that the curriculum has not prepared them for interest rates, mortgages and the basic requirements of owning a home, according to research from Mojo Mortgages.
A survey of sentiment among first-time buyers reveals an interesting divide between the genders, with 45% of women ‘strongly agreeing’ with the feeling that there is a lack of education about buying a home, compared to 37% of men.
Nearly half (49%) of young adults aged 18 to 24 ‘strongly agree’ that the education system has failed them, compared to just 35% of those aged 55 and over.
Mojo suggests this points to a growing sentiment that modern education has “dropped the ball” on essential financial literacy in the real world.
Kayleigh Jackson, mortgage sales manager at the online broker, says: “Buying a home and securing your first mortgage is one of the most important financial milestones in anyone’s life, but our data shows that the vast majority of the UK population feels completely underequipped by their formal education. Financial literacy shouldn’t just be learned through trial and error when you’re already in the middle of house hunting.”
“We have clearly seen that the school system is not getting through to the younger generation, which means more needs to be done to give them the tools to get onto the property ladder with confidence.”