The ifs School of Finance has announced that the numbers of pupils studying for GCSE AS and A level equivalent qualifications in personal finance have now topped 6,000.

Such figures show a threefold increase from last year's figures of just over 2,000.

At a time when Britain's personal debt levels are reaching ongoing highs, the ifs School of Finance hopes that better management can enable Brits to use financial products to their advantage.

Insolvency Service figures last week showed that there was another record rise in insolvencies, while Citizens Advice announced that it has dealt with 1.4 million requests for help with debt in the last year.

"By enabling future generations to have a much better understanding as to how to manage their own finances, the national debt burden will be reduced," said Anne Kiem, head of external affairs at the ifs School of Finance.

"We feel that having the knowledge to manage your own finances is such a crucial life skill that every school in the UK should offer their students such qualifications."

For many people, problems with debt and repayments can lead them to have a poor credit rating, making managing their money more difficult in the future.

Better Lending provides secured loans for people with a poor credit history .