Despite a government drive to improve young people's financial skills, teachers often lack the knowledge and expertise to teach them and aren't aware of support and resources available to help.
The report, Developing Financially Capable Young People, found the quality of lessons in financial management varies greatly across schools and colleges.
Miriam Rosen, director of education at Ofsted, said the findings showed schools needed to share good practice in finance education.
Ofsted has now said the government should offer guidance on making time in the curriculum to teach finance, and support teachers so they are able to teach the subject confidently.
Mick Brookes, general secretary of the National Association of Headteachers, said: "This is real maths and will mean more than simultaneous equations, so it's an important area to get right."
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