Penalty payments and interest charges can easily be avoided if students were taught the true value of money. Maths lessons could benefit from teaching youngsters the many benefits of shopping around for a good deal rather than selecting the first one from an advertisement.

Children are seldom told that bouncing a cheque will most probably result in a fine. Nor are they warned that starting a pension as early as possible will give them a much cosier retirement. Bank terminology, which is intentionally confusing, should also be approached in the classroom.