Half of parents want to see financial education in place in schools and universities

The Money Talks report from MoneySuperMarket and suicide prevention charity Campaign Against Living Miserably (CALM) shows 52% of parents and trusted adults want to see a course on managing money made available to students.

It comes as the report also revealed four out of 10 18-24 year olds (39%) do not feel confident when it comes to money - and yet over half (54%) said embarrassment would stop them from asking friends, family or other adults in their lives for help.

Instead, many are using AI tools and social media to fill in the gaps in their financial knowledge - leaving them vulnerable if they do not check if that information is accurate and credible.

More than six out of 10 (63%) have turned to social media, such as TikTok or Instagram, for information about money, and one in five (17%) young adults have used artificial intelligence tools such as ChatGPT for financial information.

They include university student Chris Almos, 22, who looked for money advice on AI after being too embarrassed to speak to someone directly.

He said: "I never discussed money with my parents or other members of my family. It just wasn't something that we talked about.

"I've had to learn how to manage my money the hard way. I'm much better with money now, but working out how to manage it on my own has definitely been a challenge.

"I wouldn't have consulted AI if I had felt comfortable speaking about money openly.

"I don't think anywhere near as many young people would be relying on AI and social media if there wasn't a stigma around talking about money."

MoneySuperMarket is encouraging young adults to break the taboo that stops them talking to people they trust about money.

They are also raising awareness of the need to improve financial education among young people, equipping them with the skills to navigate challenges they may face.

These can include the pressures that can come from social media, coping with money worries that affect their mental health, understanding risky financial products like cryptocurrency, and spotting unregulated or misleading advice online.

The Money Talks report showed that 92% of young adults agreed that more advice, support and tips about money would make it easier to talk about their finances.

The latest Money Talks research also showed young people often do not feel confident about the financial products that are available to them.

One in two (51%) of young people have used Buy Now Pay Later schemes in the last 12 months - but one in four (27%) said they didn't understand them. One in two say they have little to no knowledge of credit scores and a third (35%) do not know how overdrafts work.

Six out of 10 (64%) said they do not understand cryptocurrency and NFTs.

And almost half (45%) of young adults said they felt trapped by their financial situation.

MoneySuperMarket's personal finance expert Kara Gammell said: "This research underscores the financial and mental health challenges facing younger people. The taboo that stops people talking about money and money worries is not only impacting people's finances, it's harming their well-being too.

"We're proud to partner with Campaign Against Living Miserably on the Money Talks campaign. Together, we're providing resources and support to make it easier to talk about money and to access information to help make financial decisions. These resources are available for everyone at ."