Financial capability qualifications make a tangible difference to young people's approaches to finance, finds a study from the University of Manchester.
The survey of students taking the Certificate in Financial Studies (CeFS) at the ifs School of Finance found it gave the majority of students the ability to make positive changes to their money-management skills.
Over the course, many students cut back the number of credit and store cards in their wallets.
Several also changed to a different bank account yielding a better return.
The ifs School of Finance offers qualifications in financial capability to young people between the ages of 14 and 19 outside the regular school curriculum.
But the study calls for the government to act on its findings.
"There is a need to provide financial support for the delivery of structured financial education on a nationwide basis and establish financial capability teaching as an integral part of all teacher training," said Gavin Shreeve, chief executive of the ifs School of Finance.
The government's advice for teachers of financial capability observes: "The flexible labour market, lifelong learning, short term contracts, and greater longevity all have serious implications for how we undertake financial planning."To compare credit card deals, click here.
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