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Is the steadily rising pass rate – which this year rose 1.1 per cent to 95.4 per cent – a sign of hard work on the part of students and teachers or, conversely, evidence of exams getting easier? Are students going for “soft” options, such as media or business studies, rather than pitting their wits against the more challenging subjects of maths and the sciences?

What this debate fails to address is whether the education system is letting down young people in the UK by failing to provide them with vital life skills, particularly when it comes to financial education.

According to consumer group Credit Action, total personal debt in the UK stood at £1,444bn at the end of June, up 7.4 per cent on the previous 12 months. Total consumer credit lending to individuals rose 6.8 per cent to £232bn over the same period.

Levels of loan defaults are also on the up, as are repossessions and bankruptcy.

In a time of economic turmoil, we are doing young people a disservice by not arming them with the basic skills they need to navigate their own financial future. Savings rates are low and the “buy now, pay later” culture is still prevalent, even with stories of the credit crunch on every breakfast news bulletin.

The government is yet to provide a convincing solution. The Child Trust Fund has experienced disappointing take up levels and structured education in schools is still falling far short.

The result is a nation of qualification rich but cash poor individuals. And in this area more than any other, knowledge is power.