Nearly a third of young people in the UK lack "cash confidence" and are daunted by undertaking crucial money management tasks, according to a new study.
In the research conducted by Barclays Bank, 29 per cent of 16 to 24-year-olds said they would not know how to prepare and manage a weekly budget.
Just under half (47 per cent) said they did not know how to apply for benefits; 64 per cent were unaware of entry to employment programmes and 58 per cent admitted they did not know how to access health benefits, meaning they could be missing out on thousands of pounds in assistance.
Peter Kelly, head of financial inclusion for Barclays said: "This research clearly indicates that we still have a long way to go when it comes to teaching young people how to manage their finances and giving them the cash confidence needed for their next steps in life whether it be study, employment or training."
Last month The Birmingham Post launched its Moneywise Campaign, calling on the Government to step up financial education in schools.
Business leaders, including the CBI, have backed the call at a time of increasing financial demands in the form of rising property prices and, from next year, the tripling of university tuition fees.
Together with Barclays, The Birmingham Post is also giving away £10,000 to a Midland school through its Moneywise Schools Competition. The top prize will go to the school best able to prove an understanding of money by inventing a Monopoly-style game which will be distributed to teachers across the region.
Other findings in the study of 485 youngsters include: n More than a third of them were unaware of the Working Tax Credit or the Education Maintenance Allowance; n More than 60 per cent said if they got into money trouble or debt they would not be able to name any advice or support services they could turn to for advice.
