Labour urged to bring in money management lessons for primary school children by Yorkshire Building Society

The society said: “Financial education is vital to provide children with good financial management skills and to support the development of healthy financial habits as they grow older.

"The Government must make financial education mandatory on the curriculum for all primary school children in England.”

Other ideas being proposed include increased housebuilding, increasing the Personal Savings Allowance, building a pipeline for high-quality skilled jobs outside London and appointing a new minister to oversee plans to grow the size of the mutual sector.

The latter idea follows Labour proposing to double the size of the sector in its manifesto.

Susan Allen, Chief Executive of Yorkshire Building Society, said: “Our customers continue to face challenges such as the affordability of housing, higher mortgage rates and cost of living pressures.

“As a mutual, we are owned by our members and are committed to supporting them and helping them achieve important life goals.

“Supporting home ownership is at the heart of who we are as a building society.

"I welcome the government’s commitment to house building, but they must ensure the homes of the future are sustainable and help first-time buyers onto the housing ladder.

“Our research shows that, if the government makes improvements in the areas we’ve highlighted, it will make a real difference to people’s lives.

"Building a habit of saving regularly and owning a home can significantly improve people’s financial and mental wellbeing.”

In regards to Personal Savings Allowances, YBS said: “In the current high interest rate environment, the Personal Savings Allowance limits are no longer protecting ordinary savers’ interests.

"The current allowance has not been reviewed since its inception in 2016 when the Bank of England rate was at 0.5 per cent.

"The Government must increase the Personal Savings Allowance from £1,000 to £5,000.”