Almost four in five first-time buyers believe their education failed to prepare them for mortgages, interest rates and the financial realities of owning a home, research from Mojo Mortgages has found.
The online mortgage broker surveyed 1,000 UK first-time buyers, with 79% agreeing they had not received adequate preparation through formal education.
Concern was particularly pronounced among younger respondents. More than 86% of first-time buyers aged between 18 and 24 felt ill-prepared, with 49% strongly agreeing that the education system had failed them.
The results suggest many prospective buyers are entering the property market without fully understanding mortgage affordability, borrowing costs and the ongoing financial responsibilities associated with ownership.
REGIONAL DIFFERENCES
Wales recorded the highest proportion of respondents who felt inadequately prepared, at 87%. This was followed by the South West and Scotland, both at 86%.
The survey also identified a gender difference, with 45% of women strongly agreeing that their education had been insufficient, compared with 37% of men.
Among respondents aged 55 and over, 35% strongly agreed, suggesting dissatisfaction was more pronounced among younger buyers confronting today’s affordability and mortgage market.
The findings have been published ahead of National Financial Awareness Day on 14 August.
PROFESSIONAL GUIDANCE
Kayleigh Jackson, Mortgage Sales Manager at Mojo Mortgages, 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.”
