With evidence that 91 per cent of Britons have never been taught how to manage their money, a new study will monitor the spending, saving, borrowing and budgeting of 10,000 students.
The Royal Bank of Scotland, which has just put the millionth pupil through its schools financial education programme, commissioned research that found 36 per cent of adults wished they knew more about day-to-day budgeting.
The new Face2Face Money for Life panel will follow the financial experiences of the 10,000 students, aged 11 to 18, as they manage their pocket money and after-school earnings and prepare for adult life.
Baroness Denise Kingsmill, chair of the Face2Face panel, said teenagers were in critical need of aid to make sensible money decisions, and the new research would help increase understanding of the financial challenges they faced.
Last week, more than 80 MPs put their names to an early day motion at Westminster calling for a debate on providing more financial education for young people.