The majority of young people do not receive any financial education in school or college, despite the subject now being compulsory.

New research from The London Institute of Banking and Finance (LIBF) showed that 58 per cent of students aged between 15 and 18 did not receive any form of financial education.

From September 2013, teaching financial education in secondary schools became mandatory following national campaigns.

The change was implemented by all state schools in September 2014, with financial education included in maths and citizenship lessons.