Why UK must prioritise financial literacy: What works around the world

International evidence reinforces this. The OECD’s PISA assessment shows that countries embedding financial literacy early in the curriculum see clear behavioural benefits by age 15: high-performing students in financial literacy are 72% more likely to save regularly and 50% more likely to compare prices before buying.

These habits form the bedrock of resilience later in life, yet UK outcomes still vary widely by socio-economic background. While parents play an important role, OECD analysis also confirms that financial education in schools materially improves outcomes, accounting for around 20% of the variation in student performance. 

Growing gap

Global leaders provide further lessons for the UK. In South Korea, a strong culture of lifelong learning sits alongside high educational attainment. National initiatives, including new financial literacy indicators, mandatory financial education programmes in schools, and training programmes for teachers have contributed to a higher score for adult financial literacy compared to the OECD average.

This commitment shows up in behavioural patterns too: in 2023, retail investors accounted for 64% of annual transaction volumes in the South Korean stock market, the highest rate globally and more than double the average in the U.S. and Japan. South Korea’s approach illustrates the power of sustained investment in financial education.  

Supporting all ages

Thinking beyond school years, there is strong evidence that adult financial literacy can be meaningfully improved, but targeted intervention is crucial. In the UK, a central question remains: how do we reach adults at the moments when financial decisions carry the greatest long-term impact?

One of Aberdeen’s charity partners, Money Ready, is tackling this challenge head-on by expanding its financial education programme to support vulnerable young adults at key life stages, including new parents and first-time home buyers. Their upcoming initiatives, from training educators and delivering programmes in prisons and homeless centres, demonstrate the importance of meeting people where they are. 

Higher levels of financial literacy are linked to better retirement planning, stronger saving behaviour and improved financial security in later life. Aberdeen’s own research shows that lower earners with high financial literacy experience enjoy a “pension boost” of £10,000 compared to peers with poor financial literacy. These findings echo our longstanding focus on improving retirement readiness and supporting individuals through major financial transitions. 

At Aberdeen, we believe financial inclusion is a foundation for long term wellbeing. We are committed to helping people build confidence, capability and control over their financial futures. 

This Global Money Week, the message is clear: when we invest in financial education throughout people’s lives, we invest in a more resilient, more equitable society.