Ed Balls, the Children, Schools and Families Secretary, is to make “economic well-being and financial capability” a focus of teaching for 11- to 16-year olds.

Teenagers will be taught about savings, pensions, tax and investment, as well as “managing risk and learning from mistakes”, in dedicated classes or through subjects such as maths.

“Money plays a crucial part in all our lives,” Mr Balls said. “I want teenagers to start learning early how to make the most of their money and savings.”

The news comes after John Tiner, the former chief executive of the Financial Services Authority, used his departing speech to call for more financial education in schools.