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Calls have been made to add financial education to the national curriculum.

The skills levels of many graduates entering City jobs have been widely criticised of late - and now the government is being urged to tackle the problem early.

The Financial Services Practitioner Panel has made the calls in its 2006-07 annual report.

It states: "The panel has always felt that the most effective way to make significant progress on financial capability would be through appropriate amendments to the national curriculum."

The IFS School of Finance, a financial education charity, has also emphasised that financial competence is a crucial life skill.

Anne Kiem, director of external affairs for IFS, told Personneltoday.com: "We are pleased that the Financial Services Practitioner Panel has called for financial education to become part of the national curriculum.

"Raising the status of the subject in this way would lead to a step change in the number of young people leaving school equipped to make informed financial decisions."

Research earlier this year by learndirect found that poor maths skills cost British adults more than £800 million a year as shoppers struggle with mental arithmetic and fail to notice when they have been short-changed.

The research also revealed that one in three workers admit that their poor numeracy and literacy skills have lost their company money.