There is a "clear" case for teaching young people about finances such as loans and car insurance, it has been claimed.
According to pfeg, the economic situation the world currently finds itself in is proof that everyone needs to learn how to manage their money sensibly.
If not, they could face "dire consequences" and young people are not immune from these problems, the group continues.
Wendy van den Hende, chief executive of pfeg, explained that children and teenagers will have to make tough financial decisions when they are older and therefore it is a good idea for them to understand what they are doing at an early age.
She said they require "the confidence and the financial acumen to understand the jargon and know where to go for help and the kind of questions to ask".
Research by the Association of Investment Companies revealed that nine out of ten parents and teachers think schools should teach personal finance.
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