Parents would prefer their children to be taught how to handle their finances rather than some of the more traditional subjects, according to research published today.
The majority of those who responded to a survey by the Association of Investment Trust Companies (AITC) ranked personal finance lessons below the core subjects of English, maths, science and languages, but above history, geography, religious studies and arts subjects.
More than half of the 2,424 people who responded to the YouGov survey, particularly men, said they would be in better financial shape today if they had received advice at school.
The AITC said the results showed that parents were clearly worried about their children's financial future. Some 55% said parents and schools shared joint responsibility for educating them in this area.
The findings coincide with a study published today by the Financial Services Authority (FSA) and the University of Bristol that voiced concerns about the higher number of 18 to 40-year-olds who were unable to cope with debt and had no significant savings.
In its seven-point strategy to improve financial awareness over the next five years, the FSA said it would provide teachers with "support and resources" to teach good personal finance education in schools.
To do this, the authority is working with the Personal Finance Education Group (pfeg) on a new initiative - Learning Money Matters - which will help teachers plan lessons and schemes of work across the curriculum (such as in maths, citizenship and other personal, social and health education classes) and organise training for teachers.
The education secretary, Ruth Kelly, has already endorsed the need for personal finance classes in schools.
John Tiner, the chief executive of the FSA, said today there was an "urgent need" to help the young.
"The ability to manage money grows with age and experience. But rapidly changing economic and social trends mean that today's 18 to 40-year-olds are faced with greater challenges than were faced by their parents."
The combination of higher education costs and retirement considerations meant "the cost of not having the necessary skills to make sound financial decisions is becoming increasingly significant", he said.
Wendy van den Hende, chief executive of pfeg, added: "Starting financial education at school is vital if we want young people to be able to function effectively in a complex society.
"From the costs of funding higher education to the challenges faced by young people as they plan for the future, there has never been a more pressing need to increase their financial acumen."
The FSA/pfeg scheme will target 4,000 secondary schools over the next five years, and is backed by local education authorities, voluntary and community groups and business.
