Peace believes that players such as Manchester United's Tyler Blackett, who is reportedly set for a large pay rise, should be taught to safeguard their cash with an outlook to beyond their playing days.
He is quoted as saying by the Daily Mail: "My view on young players is that it would be a good thing to try to protect their money in some way. When you read about Tyler Blackett and other young players getting a big jump in wages, the natural reaction is "wow".
"You just hope, when any young player is being given all this money, that the agents or friends are advising them to put it away somewhere safe, so if it goes wrong or they have an injury, they have something saved to enjoy when they eventually retire.
"I just think there should be some mechanism in place so all the money they earn is not spent."
Peace has been chairman of the Baggies since 2002.