It adds that parents find the subject of money “difficult to broach with their children”, in a similar way to sex, leaving children in the dark about good practice.
Primary school children should be educated about how to manage money to stop them falling into debt in later life, and financial management “has a vital part to play in enabling children to enter into and sustain healthy, long term relationships in the future”, the submission adds.
The Foundation’s financial education project, LifeSavers, developed alongside education group Young Money, which sets up initiatives such as savings clubs in schools, has reached 14,500 pupils and 1,000 teachers.
The Archbishop of Canterbury, Justin Welby, said: “Research has shown that habits and attitudes to money are already being formed at the age of seven.
“LifeSavers helps primary schools and teachers embed financial education in ways that best meet the needs of pupils and local communities.
“The programme combines down-to-earth, practical experience and helping children explore what it means to be wise, generous, just and thankful with money.”
The Department for Education launched a consultation about the content of sex education and PSHE classes at the end of last year following an announcement that they would be made compulsory for all children from four years old.