One in five teenagers do not consider being in debt a bad thing and many believe that "everyone is in debt these days", new research has shown.

A study by Nationwide has claimed many teenagers have been ill-equipped to deal with financial struggles by their education, and called for more to be done to educate young people about money and debt.

It found 24 per cent of teenagers would choose to fund a large purchase such as a car by taking out a personal loan.

"With consumer debt in the UK now topping the £1.3 trillion mark, financial education has never been more important," Nationwide urged.

The research revealed 83 per cent of teenagers turn to their parents for financial advice, so this could act as a wake-up call for guardians who are struggling with debt themselves.

People experiencing financial difficulties should take action as soon as they can, the government advises.

It suggests debtors explore routes out of debt such as consolidating payments, agreeing an informal arrangement with creditors or court-approved individual voluntary arrangements.