A survey headed by HSBC to cultivate personal finance among young adults, has shown that younger people know little about their savings compared with other age groups.

The study polled 1,000 respondents and concluded that 89% of people below the age of 25 have no knowledge at all of the interest rates on their savings accounts.

HSBC is partnering with Personal Finance Education Group (PFEG) which aims to educate youngsters with their finances by improving the quality and quantity of monetary teaching in schools.

The world’s third most profitable bank believes “that it is never too early for young people to begin to learn the basics of managing money and the importance of budgeting and saving.”

Despite saver apathy the study had shown a number of depositors under 35 showing importance in saving for their future.

Younger savers are not alone when it comes to a general disinterest in savings; 84% of depositors belonging to the 34-44 age bracket were also unaware of the interest rates on their savings accounts.

The think-tank knows people with savings can stand in the midst of crisis compared to those don’t and get trapped in debt.

As a panacea to this impassiveness, the Social Market Foundation came up with an incentive to re-awaken people’s interest in saving: a “no lose lottery” system which automatically adds 50% to a depositor’s savings with a chance to win a prize fund.

It also proposed a savings smartcard that would allow people to put small amounts into savings accounts at various locations, such as supermarket checkouts, and for tax relief on pensions to be scrapped.