Education system failed to prepare FTBs for home ownership: Mojo – Mortgage Strategy
Almost 80% of UK first-time buyers share the sentiment that the curriculum failed to equip them for interest rates, mortgages, and the baseline requirements of owning a home, research by Mojo Mortgages reveals.
A first-timer buyer sentiment survey reveals an interesting gap between genders, with 45% of women ‘strongly agreeing’ with the sentiment that education around home-buying is lacking, compared to 37% of men.
Nearly half (49%) of young adults aged 18 to 24 ‘strongly agreed’ that the education system failed them, compared to just 35% of those aged 55 and over.
Mojo suggests this points to a growing sentiment that modern schooling has “dropped the ball” regarding essential real-world financial literacy.
The online broker’s mortgages sales manager Kayleigh Jackson says: “Buying a home and securing your first mortgage is one of the most significant financial milestones in a person’s life, yet our data shows that the vast majority of the UK population feels completely unequipped by their formal education. Financial literacy shouldn’t just be learned through trial and error when you’re already in the middle of house hunting.”
“We have clearly seen that the school system isn’t getting through to the younger generation, which means more needs to be done to give them the tools to get on the property ladder confidently.”
