A teenager from Colchester has one of the brightest financial minds in the country – and his fellow students are not far behind.

Dominic Bacon, 17, was in the top 1 per cent of the 20,000 students who studied for the Certificate of Financial Studies.

The Colchester Sixth Form College student was among more than 20 at the college who achieved high marks, making it one of the top performing centres in the UK.

The qualification is offered by the London Institute of Banking & Finance, a financial education charity.

Dominic said: “Financial capability has been really useful to me, as I think it has given me the breadth of knowledge to succeed in my future career, which will hopefully be in the financial sector.

“At my age, understanding personal finance is very important, as quite a lot of young people wouldn’t know how to manage their money.”

The qualification was launched in 2006 to provide teenagers with financial skills including borrowing, saving and budgeting.

College lecturer Sarah Bowler added: “We are delighted with the progress of our students. The financial capability qualifications have become an integral part of our college provision.

“Students enjoy the courses and see them as a valuable addition. Some of our students have secured places on very competitive trainee programmes, with the knowledge and experience gained.”