Monzo – the UK’s leading digital bank trusted by over 13 million people – reveals that the majority of Brits don’t feel confident that they’re making the most of their money, due to a lack of financial education that starts early and has a lasting impact.
- More than half of Brits (51%) believe they’re not reaching their financial potential due to lack of knowledge about money, jumping to a massive 72% of under 34s
- A third (31%) of people have missed out on a major milestone like buying a house or making their first investment because of a lack of confidence or financial knowledge, rising to 61% of 25-34 year olds
- 39% of Brits say they’ve never been taught about money in a way that feels relevant, safe or achievable
- 67% of Brits say money wasn’t often spoken about at home growing up, while three quarters of people (73%) say they’ve felt uncomfortable talking about money with friends or family
Money worries are weighing heavily, as 63% of Brits say thinking about money has made them feel anxious, overwhelmed or uncomfortable and almost 3 in 5 under 55s say their mental health has been affected by lack of money confidence.
That’s why Monzo has written The Book of Money. Hailed by experts as a book that “cuts the jargon” and “actually makes money feel manageable”, this industry-first book is a tool to help people rewrite people’s relationship with their finances. Inspired by conversations Monzo has had with its customers over the past ten years and the insights gained from its community, the book is full of infographics, illustrations and easily digestible takeaways. It covers topics such as budgeting, borrowing, property and pensions to demystify personal finance as it helps readers understand the world of money and make better choices with their own.
“For a decade now, we’ve been on a mission to make money work for everyone. And The Book of Money is our way of putting that mission into people’s hands, literally. It’s warm, practical and – crucially – shaped by conversations we’ve had with millions of customers who have inspired us to solve real problems for them in how they understand and use their money. We hope it helps millions more to feel confident and more in control of their financial future. Because when money becomes a skill, it becomes a tool for possibility.”
TS Anil, CEO of Monzo
Monzo is donating its full share of royalties from The Book of Money to financial education charity Money Ready, which supports 50,000 people across the UK every year. Through the partnership, Monzo is helping tackle the root causes of financial fear: lack of education, lack of confidence, and lack of access.
To celebrate the launch of The Book of Money, Monzo opened its first-ever IRL location, The Book Nook. A one-of-a-kind bookshop in Soho, it’s a truly personalised experience designed to help people at every stage of life transform their relationship with money.
“We were delighted to be invited by Monzo to benefit from the royalties of their first book, The Book of Money. This generous decision will help us to bring financial education to more people. As a charity dedicated to equipping people to make money make sense, we’re passionate about people having easy access to clear, trustworthy financial information, and this book literally gets money knowledge into people’s hands. We wish Monzo every success with this exciting new chapter!”
Leon Ward, CEO of Money Ready
The Book of Money is published by Century (Penguin Random House) and is available nationwide in paperback, audiobook and Kindle, available at Amazon, Waterstones, WHSmith and more.
