The Know Daily - Tuesday 21 January 2025

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New York employers must now offer paid leave during pregnancy, making it the first state to offer such financial support for prenatal care. Under the new law, pregnant employees will be entitled to 20 hours of paid leave to attend prenatal medical appointments.

💰 Financial literacy

Few young adults report receiving financial education at school, according to a recent survey.

What did the report find?
A survey of 18 to 21-year olds conducted by bank Santander UK found that only 26% of respondents received financial education at school last year. What’s more, 79% of participants had never created a budget and 77% didn’t have an emergency fund. This is despite the UK introducing financial education to school curriculums in local authority-run schools in England over a decade ago.

This gap in money management tuition has led young people to seek “potentially unreliable online sources for advice”, said the bank’s chairman. In fact, the study also found that 31% of those surveyed have turned to social media influencers for financial guidance. 

What’s the reaction been?
It’s raised concern that the current school curriculum isn’t preparing young people with money management skills, according to a Santander UK spokesperson. Over the last few years, charities and financial businesses have urged the government to introduce policies to create better economics education in schools. Plus, last year MPs called on ministers to review the current maths curriculum to incorporate expanded financial education into it. 

Why is financial education important?
Some argue that children are too young to worry about money. However, research suggests that earlier financial education can better prepare young people to manage money well, make informed decisions and achieve goals in adulthood.

Anything else I should know?
Improved financial education would be welcomed by youngsters. Another survey found that 84% of 6 to 18 year olds want more money-related education in school, on topics such as budgeting and how to build a career. The vast majority of surveyed students said learning about money was equally or more important as core subjects like English and science.

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🏛️ Historic find: A 2,000 year old private bathhouse was recently unearthed in Pompeii. 

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