Half of these parents think that schools should focus on core subjects, according to research by money.co.uk, while 32 per cent of feel that personal finance does not need to be taught because their children will ‘pick it up along the way’.

Seven per cent of parents fear that their children will ask difficult questions that they can’t answer. Oddly, 13 per cent of dads are concerned that their children will know more about personal finance than they do.

More than half of parents with children aged between four and 16 have never discussed personal finance with their children, with 11 per cent’ saying it is ‘boring’ and not something they want to discuss. More than a third of parents are waiting to have ‘the talk’ until their child is aged between 12 and 15 years old.

Hannah Maundrell, editor in chief of money.co.uk, said: “These findings are both shocking and disappointing. Personal finance education in schools could be the lifeline the UK needs to stop the next generation suffering as a result of misinformed financial decisions. Greater awareness can only be a good thing and we really want to encourage parents to see this as a core life skill.”