The Financial Planning Association (FPA) says financial literacy should be a focus in schools, as part of wider efforts to raise consumer understanding.

The group recently established a partnership with online learning tool Banqer to assist financial literacy teaching in primary schools.

“It is important for financial literacy to be taught in our schools at an early age,” FPA CEO Dante De Gori said.

“The program aims to give children a foundation in the skills they will need to make the right financial decisions later in life.”

Australia ranks ninth in the world for financial literacy, with almost two-thirds of adults understanding basic concepts, according to an S&P Global survey.

But OECD Program for International Student Assessment results show standards are falling, with about one-fifth of 15-year-olds in Australia lacking basic financial literacy.

The FPA, which celebrated World Financial Planning Day last Wednesday, says its initiatives to enhance financial literacy also include information and research on its Money & Life website.

Its Live The Dream report, which surveyed 2635 people aged 23-71, found not saving enough is respondents’ biggest regret, followed by poor decisions, not taking care of themselves and not studying enough.