Addressing the Gaps in Financial Education: A Conversation with Funmi Olufunwa

In a recent interview with Nigel Yeates, Communications and Stakeholder Business Partner, Funmi Olufunwa, Founder of Hoops Finance, shared her expertise on the topic of financial education and the existing gaps in our knowledge of money matters. Drawing from her extensive career background as a qualified mortgage advisor and financial coach, Funmi highlighted the significance of addressing these gaps for individuals and the wider community.

With over 20 years of experience in the finance industry, Funmi’s journey began as a lawyer at global law firms in London. She then transitioned to working in the Financial Regulation team at Addleshaw Goddard and subsequently at HSBC. Motivated by a desire to make a meaningful impact in people’s lives, she pursued a career in finance and established Hoops Finance, a platform dedicated to providing financial education workshops.

When discussing the current significant gaps in financial education, Funmi emphasized the lack of meaningful and consistent financial education in the school curriculum. She stressed the need for practical knowledge, such as understanding the emotional and practical aspects of money, the housing market, mortgage applications, budgeting, and the power of compound interest. Funmi highlighted the importance of initiating financial education at a young age and continuing to build on this knowledge as individuals progress through life.

To encourage individuals to take control of their financial well-being, Funmi suggested three key starting points. Firstly, she advised being aware of one’s income and expenses, understanding the importance of monitoring financial transactions, and using automation to manage regular payments effectively. Secondly, she stressed the need to comprehend how credit works and dispel the negative stigma surrounding it. Finally, Funmi encouraged individuals to engage in open discussions about money and seek out financial education opportunities.

Funmi also shared her insights from participating in financial events, highlighting the diverse and varied understandings of money-related topics and the eagerness of people to learn and ask questions. She underscored the need for financial education as she observed people’s willingness to engage in discussions about money matters.

In conclusion, Funmi expressed her personal approach to managing newfound wealth, demonstrating a practical and thoughtful perspective on financial decisions.

The discussion with Funmi Olufunwa has shed light on the importance of addressing the gaps in financial education and empowering individuals to make informed decisions about their financial well-being. Her insights serve as a compelling call to action for improving financial literacy and understanding among people of all ages.