Research from UK fintech Paysend has highlighted the need for the education system to incorporate the concept of digital money into the school curriculum.
This need is signalled by the coronavirus pandemic which has driven consumers towards digitisation at a much more rapid rate than had been previously forecast. For instance, during the pandemic global trends showed a 300% increase in online searches for the term ‘contactless payment’. Furthermore, in May 2020, NatWest reported that 70% of businesses registering for payment service were new to card payments, indicating a trend away from accepting cash and coin payments.
According to the Global Financial Literacy Survey more than 4 out of 5 17- and 18-year olds in the UK say that they worry about money, and 3 out of 5 call for financial education to be a core subject at school.
The need for this is reinforced by over 90% of parents believing it is the schools’ role to teach their children about money as opposed to it being a parental responsibility.
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