A leading money guru has said children need lessons in managing debt and how to borrow "the right way" rather than "more academic" maths lessons such as how to calculate annual percentage rates.

Martin Lewis, founder of website MoneySavingExpert.com, told the Guardian personal finance should be taught in schools but from a consumer angle.

"Kids need to know that companies are just out to make money, not be their friend. Debt isn’t necessarily bad, but bad debt is, and loyalty doesn’t pay," he urged.

He told the newspaper Britain is "nearing financial crisis" and that people must be taught about debt in order to manage it correctly.

The Personal Finance Education Group recently joined forces with HSBC to launch What Money Means, an initiative which aims to improve financial understanding and education in primary schools.

It will run for five years and provide 17,500 primary schools with resources and support to help teach children to manage money.