Students with a financial education saved more money

The Institute for Public Policy Research think tank looked at the US, where financial education has been compulsory in some areas since 1957.

By the time they reached the 35 to 49 age group, the children affected had about a year's worth of earnings more than those who had not had the lessons.

A UK couple with two children could benefit by �32,000, the IPPR said.

'Get clued up'

A single person with no children could be �13,000 better off with lessons on subjects such as debt management and understanding how mortgages work.

The US research suggested people with this background saved about 1.5% more of their income each year.

Miranda Lewis, senior research fellow at IPPR, said: "It pays to get clued up.

"Lessons that teach young people the basics of personal finance - like how to calculate interest, household budgeting and understanding mortgages - can help them make the right financial decisions later in life and avoid debt problems.

"The evidence from America shows that financial education can pay real dividends, with some people being better off by up to �32,000."

Next month, England's schools will receive materials to teach children about finances.