Big businesses need to do more to support educational initiatives and schools, according to a major new study.

In a report, entitled Business Backs Education, the Varkey Foundation found that many top organisations are not spending enough cash in this area.

For example, Global Fortune 500 companies were found to have only spent 13 per cent of their total corporate social responsibility (CSR) budget on education-related activities (for the years 2011-2013).

In short, with regards to prioritising CSR, education falls way down the pecking order, behind areas like health.

The foundation's new campaign, based on the title of the paper, is urging businesses all over the world to do more to address this issue.

It explained that boosting spending would go a long way in providing places for 58 million children in developing schools, who would otherwise miss out on experiencing an important education.

"The world's business leaders need to take a fresh look at their philanthropic spend," Vika Pota, chief executive officer of the Varkey Foundation, was quoted by the BBC as saying.

"I would urge them to re-examine how much they currently commit to improving the education of children around the world. How much is helping children learn the skills to raise themselves out of poverty and dream of better lives? How much is equipping children with the knowledge to compete in tomorrow's world?"

Boris Johnson, mayor of London, and Irina Bokova, director general of UNESCO, said that they support the foundation's recommendations to get more businesses spending more on education.

Ms Bokova said that the report should be seen as a wake up call, describing it as a document that "signals the sizeable potential that exists" for major companies to boost their CSR spend on education.

"Their sights should be set on tapping the youth dividend in developing countries because there is no more powerful link than that between an educated, skilled workforce and sustainable economic development. It is an investment that makes sense now for business, for youth and for building more equitable and prosperous societies," she added.