People aged from 16 to 24 are being encouraged to enter a national competition in money management skills.

Those in further education, work-based learning, adult community learning or a training organisation, can set up a team of up to ten people and apply for a £500 grant to enter the Money for Life challenge.

It involves running a money management project in the local community.

Chippenham MP Duncan Hames, vice-chairman of the all-party parliamentary group on Financial Education for Young People, is urging young people to take up the challenge.

He said: “I fought for financial education to be included in the National Curriculum, and I am very pleased that it will be from September 2014.

“As I’ve seen in local schools, this kind of real-world problem-solving is a great way for young people to practice what they learn in maths while also helping to prepare them to avoid financial pitfalls as they grow up.

“I very much hope that schools, colleges and other community organisations in Wiltshire will encourage young people to get involved in the Money for Life challenge and develop the financial skills that are so important at work and at home. I am looking forward to hearing about the projects the teams come up with.”

National finals will take place in April 2014, followed by a UK grand final in London on May 15, 2014.

Teams have until Friday to enter at www.moneyforlife challenge.org.uk