Financial literacy teaches young people to have aspiration, says Barings boss
Financial literacy is crucial to teach young people to have aspiration about their future prospects, a senior leader at one of the world’s biggest investment firms has told City AM. Martin Horne, Co-Head of Global Investments at alternative asset manager Barings, said young people are able to have a much better understanding of how to [...]
Barings Co-Head of Global Investments, Martin Horne, has emphasized the importance of financial literacy in instilling aspiration among young people about their future prospects, as reported by City AM. According to a survey commissioned by the London Foundation for Banking and Finance, only 19 percent of young people can answer the "Big Three" financial literacy questions pertaining to interest, inflation, and risk.
A whopping 64 percent of young people reported feeling anxious about money, with only 9 percent citing school as their primary source of financial understanding. Instead, over 61 percent of young people rely on their parents for financial knowledge.
Horne believes that financial literacy equips young people with the confidence to comprehend jargonistic terms such as interest, mortgages, and loans. By understanding these concepts, young people can aspire to envision their future state and the role they want to play in their careers. Barings, an alternative asset manager, has pledged its support to a Year Six literacy campaign in partnership with City Pay it Forward, an independent financial education charity.
This initiative aims to deliver free, high-quality financial education to every Year Six child in the capital, addressing the gaps in access to financial literacy among children and leaving a lasting legacy.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
