The Personal Finance Education Group (pfeg) research also revealed that more than half of all teenagers around the UK were landed in debt before reaching the age of 18 and that 19 per cent see credit card debt as a way to get want they cannot otherwise afford.
However, over half of the school-age children polled in the recent study demonstrated an interest in investment, savings and how to improve their skills when it comes to handling money.
Wendy van den Hende, chief executive of pfeg, said: “We owe it to our young people to ensure that they have the financial acumen to deal with the responsibilities of being an adult.
“That’s why personal finance education is absolutely vital in schools.”
Learning Money Matters, a campaign being led by pfeg, aims to see 1.8 million secondary school pupils in the UK better educated in financial matters.