RON Sandler, who wrote a critical report on the UK savings industry, has turned his attention to improving the financial knowledge of students.

Mr Sandler was appointed chairman of the Personal Finance Education Group, replacing Daniel Godfrey who is stepping down after four years in the job.

Mr Sandler said teaching children about personal finance issues was key to any sustained programme to improve financial literacy standards.

He said: "Over the years, and particularly having recently completed the Savings Review, I have become increasingly convinced of the need to upgrade standards of financial literacy in this country.

"This is one of the most important challenges that we face.

"Financial education is vital if consumers are ever to become empowered to make informed financial decisions about their future," said Mr Sandler.

Last year he accused the industry of being uncompetitive and failing to offer value for money in his Treasury-commissioned review of long-term savings.

He also said products were too complex, and called for the introduction of a suite of simple, low-cost products to help prevent people on low incomes from being excluded from saving.