Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Most First-Time Buyers Say Schools Failed to Teach Home Ownership Basics
Almost 80% of UK first-time buyers believe the education system did not equip them with knowledge about interest rates, mortgages, or the basic requirements of owning a home, according to research by Mojo Mortgages.
The survey, conducted by Mojo Mortgages, highlights a significant gap in financial literacy among first-time buyers. The findings show that 45% of women 'strongly agreed' that education around home-buying is lacking, compared to 37% of men. Among young adults aged 18 to 24, nearly half (49%) 'strongly agreed' that the education system failed them in this area, while only 35% of those aged 55 and over felt the same.
Mojo Mortgages suggests that these results indicate a growing sentiment that modern schooling has not provided essential real-world financial literacy. The company’s mortgages sales manager, Kayleigh Jackson, commented on the importance of financial education for those looking to get on the property ladder.
For UK letting agents and inventory clerks, these findings may signal that new tenants and buyers could lack understanding of key financial concepts related to property. This could impact how agents and clerks communicate with and support first-time renters and buyers during the moving process.
Source: Mortgage Strategy