Lessons in cash have been given the thumbs up

For the past three years, 300 secondary schools have been teaching personal finance issues such as managing credit.

A report from Brunel University said the scheme had proved to be an aid to financial awareness.

The Personal Finance Education Group (PFEG) wants lessons in all secondary schools, but said new funding was needed to extend the scheme.

Funding

In total, 150,000 secondary school children have received personal finance education on subjects as diverse as budgeting and starting a small business.

At 18 years of age, young people need to be able to resist seemingly tempting credit card offers Professor Linda Thomas, Brunel University

Up until now the scheme has been funded from contributions from the banking and business community.

However, if personal finance teaching is to roll out nationwide schools face having to pick up the bill for lessons.

Alternatively, the government or corporate UK will have to dig deep to fund lessons.

More than 80% of the teachers surveyed in the evaluation of the scheme agreed that personal finance education amongst pupils had improved.

Eventually it is hoped to expand the teaching of personal finance education into primary schools all with the aim of arming school leavers with sufficient financial knowledge to encouraging saving and the avoidance of debt.