More students need to get into the habit of saving from an early age, in order to avoid financial problems and serious debt in later life, according to MoneyFacts.
The group say that cash ISAs are available to anyone over the age of 16 and that young people should take advantage of this by setting one up as soon as possible.
A spokesperson for MoneyFacts added, "By getting children into the habit of saving and managing their money, they can learn financial skills which could last a lifetime."