On the day that A-Level students up and down the country find out their exam results, a new £400,000 scheme has been launched to educate kids about money.

The pilot project aims to better equip parents to teach their children money management skills and will reach as many as 1,000 parents and 1,600 children aged 3 to 11.

The Money Advice Service and Big Lottery Fund in Wales have teamed up to start the programme called Talk, Learn, Do: Parents, Kids and Money. It will begin in September.

Teaching parents has become the focus of the scheme as the best way to educating the younger population after a MAS poll found 91% of 15-17 year olds thought their parents gave the best money advice.

The pilot scheme aims to “motivate parents and equip them with the confidence and ability to develop the next generation of money savvy adults”.

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Parents will be encouraged to help their children develop skills such as self-control, perseverance, sensible attitudes to money and setting financial goals.

Money management is less visible to children than ever before, MAS said, due to the increasing move away from cash to credit and online spending.

This has meant less frequent obvious opportunities for parents to discuss handling money matters with their kids.

Caroline Rookes, Money Advice Service chief executive, said: “We want to empower children across Wales to make the most of their money both now and in later life.

“Our recent research has highlighted that parents have the biggest impact on their children’s financial behaviours and with this in mind, there is no one better placed to arm children with the skills and knowledge they need to make good financial decisions and reach their financial aspirations.”

Minister for Communities and Tackling Poverty, Lesley Griffiths, said:

“It is important for children to develop sound money management skills, which will stand them in good stead for the rest of their lives.

“The project is set to help parents support their children to develop self-control, perseverance, sensible attitudes to money and the ability to set financial goals – all of which are vital life skills.”

Big Lottery Fund Wales director John Rose said: “Instilling a sense of financial responsibility from a young age can really help children achieve their goals in later life.”