Personal finance is a more important life skill than maths for schoolchildren, according to British parents.

A study from Nationwide Building Society, which surveyed 2,000 parents, reveals that 84 per cent children haven’t received personal finance education at school, despite 96 per cent of parents saying that it is important for young people to have an understanding of money.

The figures come after the Education Select Committee inquiry last week advised the government to bolster financial education in schools.

Nationwide’s report also finds that 89 per cent of parents feel that more personal finance education would help their children better understand the value of money

Of the 16 per cent who said that their child had received financial education, two thirds said that their kids were taught about saving, while half had learned to budget. The survey found that just over a quarter had learned about debt or planning for the future, with less than one in five learning about taxes.

“It’s good that parents really value real-world, practical skills for their children as well as more traditional subjects,” said Amanda Beech, director of retail services at Nationwide. “Financial education, which is to a greater extent based on maths, can help young people get to grips with the world of money.”

In a separate announcement, GoHenry has launched its manifesto outlining how the next government can improve the delivery of financial education in schools.

The pre-paid debit card provider said its research shows 84 per cent of children and teens say they would like to learn more about the topic in school.

GoHenry made ten recommendations in its manifesto following last week’s findings of the Education Select Committee inquiry.

These include ensuring that financial education is taught in all schools from primary through to secondary school, and that lessons include both practical and theoretical elements. The manifesto also recommends that financial education becomes a statutory part of the Personal, Social, Health and Economic (PSHE) syllabus.

"The next government has a golden opportunity to enhance financial education provisions and secure a brighter future for young people across the country, and it is imperative that we maintain momentum on this critical issue despite the distraction of the General Election,” said Louise Hill, co-founder and chief executive of GoHenry. “Our manifesto outlines how we feel this can be delivered in a simple, efficient, and effective way, without the need for significant public spending, primary legislation, or overburdening teachers.”

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