A survey has shown that nine out of ten parents and teachers feel that basic finance skills should be taught in schools.

The research, carried out by the Association of Investment Companies (AIC), also found that 50 per cent of these think that such education should be mandatory.

Many within this parent group felt that teaching financial skills is “vital” as they feel retrospectively that they would be in an improved financial situation had this teaching been available to them.

Julie Ward, deputy head teacher at Aylsham High School, Norwich, said: “In today’s fast moving, quick-fix society, where many young people want everything immediately, there is an even greater need for financial education in our curriculum.”

The figures also showed that just 13 per cent of parents and teachers felt that their own financial skills were sufficient, with retirement planning, managing budgets and investing in the stock market among the subjects they feel the need to “brush up on”.

The Association of Investment Companies (AIC) is the trade organisation for the closed-ended investment company industry.

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