A survey by government-backed Money Advice Service (MAS) of nearly 5,000 young people in the UK found that less than half of 7-17-year-olds have received financial education at school.

The survey also revealed that over a third of 16-17-year-olds said they have no experience of putting money into a bank, 39% don’t have a current account and a shocking 59% can’t read a pay slip.

Financial education became part of the national curriculum in England in 2014 with lessons designed to teach children how to handle their finances confidently. However, academy schools do not have to follow the national curriculum and financial education is not part of the curriculum in further education colleges in England.

Of those who have received financial education in the classroom, 90% said they found it very useful.

But those young people who don’t receive financial education could be poorly prepared to manage their own money as they approach adulthood.

The survey results are being published today to tie in with the launch of the first ever Financial Capability Week to raise awareness of the importance of people’s ability to manage their money well, both day-to-day and through significant life events, such as losing their job, having a child or suffering a bereavement.

MP Suella Fernandes, chair of the All Party Parliamentary Group on financial education, said: “These research findings clearly show that there is plenty more to do to improve the delivery of financial education, which remains inconsistent and varying in effectiveness. It’s essential that we provide appropriate training and resources for teachers to enable them to deliver these crucial lessons.”