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Two thirds of locals regret not learning about money

In a UK-based survey, people living in Peterborough who responded expressed their concern for not learning about finances while they were in education.
Money
Two thirds of locals regret not learning about money (photo: Pixabay)

The survey conducted by fashion-retailer Matalan found that across the UK, 91% of 16 to 24 year olds wish they had learned more about money management while they were at school. 

In Peterborough, 65% of respondents said they wished they'd learned more about investing, while 27% said they wished they had learned more about economics. 

Jeff Howarth, director of marketing at Matalan, said: "While it may not be on the agenda to introduce personal finance to the national curriculum any time soon, it’s clear from young people’s responses there is a real need for it. UK schools do an amazing job and have shown incredible resilience and resourcefulness during these difficult times, but it seems despite teachers’ best efforts the national curriculum is falling short of preparing young people for the real world.

"With ever-growing financial uncertainty surrounding many businesses and individuals, education on personal finance is becoming more important than ever. We owe it to our young people to give them the skills they need to manage and protect their finances in a world where financial stability is not guaranteed."

Money management is even more essential now, with particular emphasis on learning things like filling out a tax return and accessing funds you're entitled to. 

With many people working from home throughout the lockdown, it is possible to fill out a tax return due to necessities that are usually provided at work. 

Nicola Hawksley of Peterborough accountant GreenStones confirmed that employees working in offices that have been closed due to the pandemic have a few different options for relieving some of the extra costs that working from home might create.

An employer can pay an amount to cover the extra expense of working from home - the light, gas, electricity - at a maximum of £6 per week from April 6 (£4 per week prior to this). If the employer agrees, it's as simple as them paying it; there's no tax or national insurance. Employers are not obliged to pay this, however, and many choose not to.

Should an employer not want to pay this, a claim can be made for tax relief on the £6 a week.

Filling in a form called P87 is the easiest way for most people to claim this. This will provide a tax relief on that £6 per week, which would add up to just over £60 per year for a basic rate taxpayer.

More details can be found at: gov.uk/tax-relief-for-employees/working-at-home.