Credit cards, overdrafts and loans – this is the way that millions of teenagers are planning to fund their lifestyle, with little thought about budgeting or the risk of running up unmanageable debt.

New research from Axa found that 44% of 15-17 year olds plan on getting a credit card as soon as they are at a legal age to do so. 18% want to take out a bank loan and 17% want an overdraft.

Professor Nick Chater, a member of the taskforce, explains: “These things are seen as the norm so that teenagers think they”re only doing what is typical in expecting to get into debt sooner rather than later.”

Although these kind of financial products are acceptable if managed correctly, the study showed that there is no grip on real budgeting. 70% failed to keep within a set budget when they were given the task of managing the household budget for a week, typically overspending by 16%.