Almost half of teenagers are intending to get credit cards when they are adults, a new survey has discovered.

The study by insurer Axa into the financial habits of British teens reveals 44 per cent of 15 to 17-year-olds are planning to take out a credit card when they become an adult, 18 per cent aim to take out a bank loan when they turn 18, and a further 17 per cent expect to be overdrawn.

However, an experiment giving teens the reins on their families’ budgets for a week showed 70 per cent failed to balance the books.

On average the teens overspent by 16 per cent on their £248.40 budgets – with one spending almost £600.

Throughout the experiment, children often decided to continue to treat themselves to luxuries at the expense of others despite the fact 77 per cent had funds from paid jobs and 55 per cent received pocket money.

Professor Nick Chater, a member of the AXA Financial Task Force, said: “These studies emphasise what a huge challenge budgeting can be when you’re still relatively new to managing money and making regular financial decisions.

“Many teenagers are on the cusp of leaving home for university or to get a job and while some will naturally approach money with diligence, our study suggests that they simply may not be able to cope with budgeting effectively.”

He went on to suggest the lack of budgeting skills was why young Brits are so readily turning to overdrafts and credit cards.

“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,” said Professor Chater.

“Some teenagers also have spendthrift financial habits because they are used to getting what they want, when they want it. Over half of our respondents said their parents give them more money if they run out and one in five knows they will get what they want, if they are persistent enough in their requests.”