The Personal Finance Society (PFS) is to team up with the Personal Finance Education Group (PFEG) to help raise awareness of the need for good financial skills in schools.

One activity involves getting kids to take part in a simulation of the stock market to teach them about valuable investment practices and give them the ability to make everyday financial decisions such as how they manage their money.

Previous research by the Prudential found that 800,000 young people believed an Isa was an accessory for an iPod, while a PFEG study showed 90 per cent of teenagers worry about their financial situation on a daily basis.

Paul Lothian, chartered financial planner and president of the PFS, said that the company has a rich seam of highly experienced and talented professionals that are keen to engage and inspire young people by making finance interesting and relevant to their lives.

Banking giant HSBC recently announced the launch of a new student bank account available for 17-year-olds, which has additional features once the customer gains a place at university .