Students at Laguna Creek High School in Sacramento, California have spent a whole day being educated about money management by some of the area's bank managers.

The initiative is being rolled out across the country as the American Banker's Association has pledged to bring practical money advice to at least a million American high school students in April, which is Financial Literary Month.

Matthew Pesci, who teaches at the Laguna Creek High School, welcomes the programme and belives that it will help the next generation avoid some of the financial mistakes which led to the worldwide recession.

"They're getting ready for college. They're going away from their parents for the first time. And they'll be managing their money alone for the first time," said Mr Pesci.

Alongside the local bank managers, Mr Pesci will talk his students through real financial situations and discuss how to approach different things such as choosing the best credit card deal and applying for financial aid for university.

They will also be shown how to avoid overdraft fees, how to keep from bouncing checks, how to maintain a savings account and perhaps most importantly, how to stay out of debt.

"Especially with everything you hear about the economy right now," said Mr Pesci, "I didn't want them to be one of the statistics."

President of Junior Achievement for Southern California Gary Hickman, agreed that the drive to educate America's teens about money matters was a decision to be lauded.

"This is a unique moment in US history to empower teens with the financial literacy skills that can serve them as adults - skills many of their parents lack and that many schools are unable to provide," he said.

Ted Lieu, a Californian assemblyman who has long campaigned for more financial education in schools, has finally got some support for a bill to provide financial literary resources for teachers, parents and consumers in a range of languages under the state controllers office.

"The scale of the financial and mortgage crisis is so large and there's realisation it would have been mitigated if more citizens were financially literate," he said

Mr Lieu believes that education about personal finance on topics such as how to buy a car, get a mortgage, save and invest are crucial in contributing to a healthier economy in the future. "No one is taught this information in school," Lieu added.

However, although his plans have gained support in recent months, President of the California Jumpstart Coalition Karen Anderson warns "Because of our own economic issues, California is probably not going to see anything mandated in the near term."

Although she did admit that 'awareness is growing,' adding that "more parents want to be sure their kids don't get into the same kind of problems they are having with mortgages and credit cards."

One student in the class at Laguna Creek high school said that she learnt at the session "don't be afraid to ask questions and be sure you fully understand the financial product you're getting," she said.