Financial education in the Scottish curriculum is predominated by maths and numeracy which leaves many leaving school without a basic understanding of what's required to open a bank account, why interest rates ramp up credit debt, how to apply for a loan, and many other matters essential to living in a western economy.

We rely in the main on relatives or friends to teach members of the younger generation financial skills that will be critical throughout their lives, or simply trust that this knowledge will filter through via osmosis. That works OK for some, but falls dismally short of what's needed by those in homes and communities where financial literacy is in short supply.

And in this realm, what you don't know can definitely hurt you. Furthermore, research released earlier this year by Scottish investment group abrdn interestingly shows that the disadvantages cut across all socio-economic classes, though of course those on the lowest incomes are most hampered.

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The firm found that lower earners with poor financial literacy have £10,000 less on average in their retirement pots compared to lower earners with high financial literacy. Those in the latter group are also far more likely to have a pension in the first place.

Among higher earners, those those with low financial literacy suffered a "pension penalty" of £87,500 less in their retirement pot than their savvier peers. Again, those in the latter group were more likely to have a pension to start with.

Today's announcement that Young Enterprise Scotland - a national organisation that has delivered programmes to students across the country for more than three decades - will have to cut activities after losing more than half its staff is a significant blow to the frequently overlooked area of financial education.

Going forward the charity will operate with a team of "no more than a dozen people" after failing to secure continuing core funding from the Scottish Government. In all, 17 former members of staff have been made redundant in what will undoubtedly be a far less cheerful festive season for those affected.

It remains to be seen which of YE Scotland's various programmes will survive the enforced cull, further narrowing the provision of much-needed financial education.