Social mobility in the UK remains a challenge, particularly for young people from disadvantaged backgrounds. Where you grow up can still have a significant impact on the opportunities available. Many young people attend schools that are underfunded, with limited resources and fewer extracurricular activities. On top of that, financial education is often lacking, leaving them unprepared to manage money effectively.
As both a parent and the Director of Finance at CoachBright, I have seen firsthand the difference that the right support can make. Our ten-week-long programmes, such as peer coaching in maths, help to build confidence, resilience, and crucial skills. We go into schools to provide coach training to young people aged 14-16 (the coaches). We then supervise them as they coach a younger pupil (the coachee) aged 11-13, whom they are matched with. Both coaches and coachees develop essential skills. At the end of the programme, they are invited to a local university to celebrate their achievements.
But what if that coaching isn’t available? Approximately 2.1 million young people in England come from disadvantaged backgrounds. This article explores the barriers that young people face and the practical steps that can help them secure a better future.
The Importance of Financial Education
Having a solid understanding of budgeting, saving, and investing is not just beneficial - it’s essential for financial independence. Without these skills, young people may struggle to manage their earnings, student loans, or living expenses. A 2023 report by The Money Charity found that financial literacy in the UK remains worryingly low, particularly among young people from disadvantaged backgrounds.
Many first encounter financial responsibility through part-time jobs, student finance, or managing rent, but without proper guidance, young people may fall into debt or make poor financial decisions that limit their future opportunities.
Key barriers to financial security
1. Limited Financial Education
Personal finance is part of the curriculum, but in many schools, it receives little attention compared to traditional academic subjects. As a result, many young people leave school without even basic money management skills.
2. Lack of Exposure to Saving and Investing
Young people from lower-income families may not have access to savings accounts or financial advice, leaving them unprepared for managing their own money.
3. Rising Cost of Living
The increasing cost of rent, bills, and student loans can make saving seem impossible, particularly for those from low-income backgrounds.
4. Entry into Low-Paid Jobs
Many young people start out in low-wage roles with limited progression opportunities. Without access to training or career development, it can be difficult to improve their earning potential.
what can be done?
1. Strengthen Financial Education in Schools
Financial education should be a key part of the curriculum from an early age. Practical, hands-on learning, such as budgeting exercises, comparing financial products, and managing a mock investment portfolio, can make these lessons more engaging and relevant.
2. Expand Apprenticeship Opportunities
Higher education is not the only path to success, yet many schools continue to prioritise university as the default route. Apprenticeships provide valuable work experience, industry-recognised qualifications, and the ability to earn while learning, all without accumulating student debt.
I know this from personal experience. After enrolling at university, I quickly realised that my degree wouldn’t provide the career prospects I was looking for. Feeling disillusioned, I decided to take a different route - an apprenticeship in accounting. This decision turned out to be one of the best I’ve made. Not only did I gain real-world experience, but my qualifications were fully funded, and I was earning a wage while learning.
Unfortunately, these opportunities are still not widely promoted. Many schools continue to focus on university as the primary option, even though a growing number of graduates struggle to stand out in an increasingly competitive job market. In contrast, apprenticeships provide practical experience alongside recognised qualifications, making candidates more employable while keeping financial burdens low. Expanding access to these schemes would open doors for many young people who would otherwise struggle to get ahead.
3. Build Entrepreneurial Skills
Entrepreneurial skills, like problem-solving, leadership, and strategic thinking, are valuable in any career. These abilities help young people take initiative, identify opportunities, and navigate challenges, whether they work for themselves or within an organisation. Schools and charities should introduce more project-based learning, business challenges, and coaching schemes to encourage these skills. At CoachBright, we not only introduce these skills to young people, but we also help them achieve an SSAT-accredited leadership award after coaching on one of our programmes.
With the job market evolving rapidly, an entrepreneurial mindset is a major advantage. Many future careers will require individuals who can adapt, market their skills, and create opportunities for themselves. Exposure to these ideas early on builds confidence, encourages innovation, and prepares young people for long-term success in an unpredictable world.
4. Provide Career Guidance and Tailored Coaching
Without role models, young people often struggle to navigate career decisions. Tailored coaching with a relatable role model can boost their confidence, provide guidance, and help them identify career paths that match their strengths and ambitions, which they may not have previously considered.
5. Increase Access to Higher Education
While tuition fees are a significant concern, more scholarships, bursaries, and part-time job opportunities could help make university more accessible to students from disadvantaged backgrounds.
6. Support Pathways into High-Growth Sectors
Young people should be encouraged to consider careers in industries with strong earning potential, such as technology, renewable energy, and digital marketing. Initiatives like coding boot camps have shown how targeted training can lead to well-paid jobs and long-term career success.
Conclusion
If we want to improve social mobility for young people, we need to do more than focus on academic achievement. Providing financial education, tailored coaching, and career opportunities will give young people the tools they need to build successful futures. The solutions are within reach, but they require a collective effort from schools, businesses, charities, and policymakers to make meaningful change.
By investing in young people and equipping them with the right skills, we can create a more equitable society where everyone has the opportunity to thrive. If you are a local business interested in helping young people achieve social mobility, get in touch with us today.
