Cash point

Eight out of 10 parents think it’s their responsibility to ensure children are financially literate, but one in six don’t feel confident about doing it.

More than half of mums and dads think schools should focus more on financial issues and more than a quarter believe grandparents should get involved.

Research from financial firm M&G also reveals parents and grandparents agree on three key things children should know about before they reach age 18: savings, value of money and budgeting.

But, worryingly, when we owe record amounts of debt that huge numbers of people are struggling to repay, less than half thought children need to understand about getting into debt.

It comes ahead of My Money Week from Monday, a national event that encourages primary and secondary schools to develop their financial education by running activities to arm school children with the skills, knowledge and confidence to handle their future finances.

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