- NatWest’s Financial Capability and Young Workers Report reveals that 44% of apprentices struggle to keep up with bills and commitments.
- Over half of employers (55%) admit to having come across young workers or apprentices in financial difficulty, while 45% of employers say employees have approached them having experienced financial difficulty.
- The report also shows that 23% of apprentices find it tough to stick to a budget (compared with a national average of 17%) and 90% of employers agree they should play some role in their employees’ money management skills.
NatWest is calling on policymakers, employers and training providers to recognise the importance of financial capability and provide this vital life skill for the next generation of employees and business leaders.
Andy Briscoe, Chair of the Money Advice Service and Chair of the FinCap Board, said: “Just as employers support apprentices to take their first steps on their career path by teaching them the skills to succeed in the workplace, they can also play a critical role in helping apprentices to develop the money management skills that are so important at every stage of life.
“It is great to see NatWest champion this work and show once again that it is only by working together - as employers, businesses, and communities - that we can support people to develop the financial capability they need to make the most of their money throughout life."
Robert Halfon MP, Chair of the Education Committee, said: “Apprenticeships provide a great opportunity for people from all backgrounds to earn as they learn. As part of our inquiry into the quality of apprenticeships and skills training we will be looking at what more can be done to ensure this and make sure they have the right support to climb the ladder of opportunity.”
In total, financial stress costs the UK economy £121bn and 18 million working hours in time off work each year.