Findings from The Money Advice Service – which is hosting Financial Capability Week – show that 21 million UK adults don’t have modest savings of £500 to replace a fridge or mend a car, and three quarters of working age people don’t have a savings buffer equal to three months’ salary.

Mr Durkan, who is a member of the All Party Parliamentary Group (APPG) on Financial Education for Young People, has long championed the cause of boosting people’s understanding of money management and personal finance.

He said: “I am delighted to support Financial Capability Week and would like to take this opportunity to congratulate the 250 plus organisations involved – including Citizens Advice, The Pensions Advisory Service and campaigners like Martin Lewis (creator of the UK’s biggest money advice website MoneySavingExpert.com).

“This important campaign aims to make it easier for people – including in Derry and throughout the North – to better manage their money day-to-day and during periods of financial difficulty.

“It is also vital that we equip the next generation with the understanding to be able to make informed financial decisions.

“Only through teaching young people about personal finance can we provide them with the knowledge they need in a complex financial climate.

“I therefore hope that through this campaign and by working together we can help people to better understand the difficult choices that they will need to make,” added the former SDLP leader.