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Nu suntem doar o rețea de telefoane mobile; oferim instrumente și resurse pentru a construi un viitor financiar mai bun și strălucitor.
A lack of financial education in the UK is having a real impact on lives, with nearly 1 in 4 (23%) saying money negatively affects their mental health - a figure that jumps to 30% among Gen Z.
Nu suntem doar o rețea de telefoane mobile; oferim instrumente și resurse pentru a construi un viitor financiar mai bun și strălucitor.
• 1 in 6 Brits have lied about their income or spending to secure a loan or credit card.
• 29% have been declined for a credit card.
• 1 in 4 have missed a loan payment.
• 1 in 4 do not understand mortgages, pensions, or loans.
• 31% of students do not understand student loans.
• 38% of Brits don’t know their credit score.
• Only 15% learnt about personal finance at school.
• 23% say their relationship with money negatively affects their mental health.
Many Brits are using financial products they don’t fully understand. A worrying 33% aren’t clear on how pensions work, and over 30% of students are confused about student loans. When it comes to learning about money, only 15% received any financial education at school. Instead, most (38%) relied on family for advice, while Gen Z is increasingly turning to social media. 31% get financial tips from TikTok, more than the 26% who learnt about money in school.
Lewis Camilleri, Founder and CEO of credit-building network, Boshhh Mobile, says, “The rising negative effect of money on mental health emphasises the urgent need for more education around personal finance, especially in the younger generation. Poor money management leads to stress and feeling overwhelmed. This could all be avoided with a better curriculum in school teaching this essential life skill.”
Financial struggles are pushing some Brits to desperate measures, with 1 in 6 admitting they’ve been less than honest about their income or spending to get credit. The result? 1 in 4 end up missing loan repayments, damaging their credit scores in the process. Overall, 41% of Brits have been turned down for financial products, including 29% rejected for credit cards and 17% unable to secure mobile phone contracts.
The survey also found that 38% of Brits don’t know their credit scores, and 28% don’t understand what they actually mean. This lack of knowledge has contributed to 13% of respondents having poor credit.
To test the nation’s credit knowledge, we ran a quiz, and the results were striking. On average, participants scored just 8 out of 19, or 42%.
One of the biggest misconceptions is that student loans impact credit scores. Only 30% correctly answered “no.” In reality, student loans don’t appear on credit reports and won’t directly affect your score.
Another common myth is that income affects credit scores. Only 31% answered this correctly. While your salary doesn’t directly impact your credit score, it does influence your ability to borrow money and make repayments, which can indirectly affect your credit profile.
Only 22% correctly identified the ‘credit blacklist’ as a myth, and just 28% of Brits knew that savings have no impact on their credit score.
Camilleri explains “Over 10 million Brits have poor credit, and it's largely due to the lack of financial education and support in the UK. It is vital to monitor and maintain a healthy credit profile, as a life with good and bad credit are very different. A healthy credit profile means being approved for a mortgage on your dream home, finance for a new car, or a simple phone contract. Bad credit means being rejected or having high interest rates with unmanageable monthly payments. Making simple changes to your financial habits can bring your monthly payments down drastically, but there is little help and guidance to enthesis this.”
“The fact that so many people feel the need to stretch the truth just to access credit is a symptom of a much bigger problem. We’re living in a cycle where borrowing beyond our means is becoming the norm, leading to financial instability and damaged credit profiles. So, what needs to change? Lenders and Regulators must tighten affordability checks. And financial education must be a priority in schools, not an afterthought.”
At Boshhh Mobile, we’re dedicated to helping people take control of their financial futures. The Boshhh app gives users real-time access to their credit scores, a clear breakdown of their credit profiles, and simple, actionable tips to improve their financial health. Available to everyone in the UK, whether or not you have a Boshhh SIM plan, the app is designed to boost financial literacy and empower better money management.
The app provides an easy-to-read summary of where you’re doing well, what you can improve, and any issues affecting your credit score. Users can track all their financial products in one place, from credit cards to phone contracts, with missed payments clearly flagged. It even highlights credit searches from the last 12 months, showing which ones have impacted your score.
Find the downloadable graphics, here: The state of personal finance in the UK - Assets
Please credit Boshhh Mobile when using these findings.
