A new study by charity MyBnk has said 11-18 year-olds in the region are money savvy.

Young people in North Devon are the most money-smart youths in the South West, according to a new study.

The charity MyBnk surveyed 33,000 people taking part in their financial education workshops in England in 2014/15.

Students aged 11-18 were measured on their skills, knowledge and confidence coverying every-day personal finance issues.

On average there was a five per cent gap between South West youngsters and their London counterparts, leaving them less equipped to deal with other regional inequalities in jobs, poverty, and social mobility.

Guy Rigden, CEO MyBnk, said: “Our data shows young people are a lot more aware of the world of money than you may think, but they don’t necessarily understand how it effects them or how to manage it.

“It also demonstrates how the effectiveness of financial education varies widely across schools and regions.

“This study reveals the huge potential of young people when they receive relevant expert-led financial education that works.

“Funding is tight and it is becoming harder to deliver frontline projects like ours which helps narrow the inequality gap.

“The time has come to properly fund effective financial education for young people in UK schools.”

MyBnk said workshops would be available to schools and youth groups throughout the South West.