A national survey of more than 1,000 Australian parents revealed that two in three (67%) think that their children have little to no understanding of money.
Nine in 10 (90%) parents rate financial literacy higher in importance than maths, and 98% believe a solid understanding of finance is important.
One in five parents also said they don't know how to better educate their kids about finances, while 90% also said they could be doing more to educate them.
The national survey comes off the back of a launch of a new kids book by author Jimmy Rees and online marketplace Gumtree, titled Ollie and the Spectral Spectacles.
The book aims to provide knowledge and support to the next generation to improve their financial and environmental literacy, and how these two things intersect.
Australian parents consider financial knowledge 'just as or more important than' subjects including Maths (92%); English (90%); and Science (89%) according to Gumtree's research.
Mark Kehoe, Managing Director for Gumtree, said that Gumtree recognises its responsibility to educate people on the value that circular trading brings to the planet.
"As part of the next phase of our work with Planet Ark, Ollie and the Spectral Spectacles focuses our efforts on creating a resource for parents to enable the next generation to make smart and sustainable choices now and in the future," Mr Kehoe said.
Mr Rees said that educating his children about the value of things and 'saving the planet' as his greatest responsibilities.
"Knowledge is the foundation for setting our kids up for success,” he said.
Image by Annie Spratt on Unsplash