A survey of 1,079 young people found 23 per cent of six- to 10-year-olds were concerned about personal finances and 85 per cent believed that if you look after money, it makes you feel better.

The study by the Centre for Financial Capability found just a fifth of primary children have been taught how to look after their money at school despite a 2019 survey finding that one third of children receive financial education at primary school.

Ground-breaking research published eight years ago by the Money and Pensions Service found adult money habits are set by the age of seven years old.

The Centre for Financial Capability is a new charity, which aims to give every primary aged child “an effective and high-quality” financial education.

It has been formed by supporters of KickStart Money, a coalition of savings and investment firms who have donated more than £1m to fund the KickStart Money financial education programme, delivered by MyBnk, to over 20,000 primary pupils across the UK. However, 20,000 is just a fraction of the almost 5 million children in state funded primary schools.

The launch of the charity has been backed by John Glen, Economic Secretary to the Treasury and City Minister.

He said: “Over the last year we’ve learned many things, but one of them is how important it is for people to have the information the skills and the confidence to engage with their finances. The Centre for Financial Capability is a testament to the difference that can be made when financial services and the voluntary sector, join forces to improve financial education for children and young people, and I’m really looking forward to see what the Centre can achieve in the months ahead.”