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As part of a new initiative, the FSA has called on UK universities to take part in its Money Doctors scheme, which aims to give student advisors the resources they need to help the country’s indebted young people.

Steve Stillwell, an education policy specialist for the FSA, said: “For many young people, university will be the first time they’ve handled their own finances.”

“Getting the key skills, such as budgeting and the prioritising of bills, under their belt can make a real difference to how students approach their future finances,” he added.

The scheme forms part of a wider plan being implemented by the FSA to improve the level of financial capability in the UK and to help consumers across the country avoid debt problems.

A recent report from Alliance & Leicester discovered that young Britons are increasingly opting not to attend university because of concerns about debt management.