NINE out of 10 parents and teachers think personal finance should be taught in schools, a survey has showed.

Half of people think lessons on the subject should be mandatory, although 45 per cent of parents felt they had a joint responsibility with teachers to educate children about money, according to the Association of Investment Companies (AIC).

Parents ranked personal finance as being the sixth most important thing children could be taught at school, coming after maths, English, science, languages and history, but ahead of geography, music and religious studies.

Just over half of parents said they thought their own financial situation would be healthier now if they had been taught about money matters at school, but 90 per cent said they did not receive any lessons in this area.

A further 65 per cent of parents said they would like some personal finance training now, either to help them sort out their own affairs or to pass on to their children.

Only 4 per cent of teachers questioned said they regularly taught personal finance, although 57 per cent would be prepared to do so if they were given extra training.

Among those who would not want to teach the subject 43 per cent said they did not have enough time and 23 per cent said there were not enough funds available.

Both parents and teachers thought children should be taught about budgeting, tax issues, mortgages and the house-buying process, as well as being given explanations of financial terms and information on how to obtain financial advice.

But, while parents thought children should be taught about retirement planning, teachers were more likely to think debt management was important.

Communications director at AIC Annabel Brodie-Smith said: "Parents are clearly worried about their children's ability to manage their finances in the future and feel financial education is a crucial skill for adult life.

"Parents clearly believe that financial education should be part of the national curriculum, even rating it higher than geography and parents clearly feel they have missed out by not learning the basics."