Not all moms and dads feel confident that they are giving the best financial advice to their kids – which is why most people feel that youth should be taught financial literacy in school, according to a survey by COUNTRY Financial.

Ipsos surveyed 1,000 U.S. adults on behalf of COUNTRY Financial and found that, while the majority (61 percent) of respondents say that their parents have been a key influence in shaping the way they manage their finances, those respondents who have kids under age 21 aren't so sure about certain personal financial topics. And nearly half (46 percent) of those respondents give their level of financial literacy a grade of C or lower.

The skill parents felt least confident in was investing in the stock market (33 percent). They feel slightly more confident managing a 401(k) plan (53 percent), planning for retirement (61 percent) or taking out and paying off student loans (55 percent). As such, only 13 percent of parents say they had talked to their kids about planning for retirement, while 9 percent had talked to them about managing student loans.

When given the option to do something other than talk to their kids about finances, parents said they would rather go to the dentist (39 percent), talk about the birds and the bees (36 percent) or pay a speeding ticket (6 percent).

Their lack of confidence could be due to the fact that many were not taught about these topics in a formal setting—likely just by their own parents as well. The survey found that 52 percent of respondents who are parents (as well as 52 percent of the respondents overall) say they did not receive any financial education in K-12 or college.

Moreover, only 15 percent of all of the respondents say they feel "very prepared" to manage their personal finances once they left college and entered adulthood.

This could be why 86 percent of respondents say that financial education classes should be mandatory for K-12 schools nationwide.

"Parents have the benefit of having real-life experience that has helped them to sharpen their personal finance skills, but most are not going to be experts in every topic," says Tim Harris, an executive vice president at COUNTRY Financial.

In spite of parents' lack of confidence around certain financial topics, 32 percent of the respondents say they turn to their parents most to learn about managing finances, compared to 16 percent who say they go to their spouse of partner, internet sites and blogs (12 percent), a financial advisor (12 percent), or school classes (8 percent).

Saving (78 percent) and budgeting (52 percent) are far more popular topics of discussion, as the majority of parents (93 percent) say they reported feel confident managing a bank or savings account.

"It's great to see that most parents are talking with their kids about saving and budgeting," Harris says. "However, planning for retirement and managing student loans are equally if not more important topics to discuss with your kids. Take simple steps such as enrolling in online courses, community classes or visiting a representative to educate yourself fully on these topics and prepare your kids for a more financially secure future."

Parents' lack of confidence in teaching financial literacy is also impacting their kids' confidence, according to the survey. Nearly half (48 percent) of 18 to 34-year-olds say they felt somewhat or not at all prepared to manage their finances when entering adulthood.

Consistent with the weaknesses reported by parents, only a few are confident in investing (20 percent), planning for retirement and managing a 401 (k) (32 percent), or taking out and paying off student loans (43 percent). By contrast, 80 percent are confident managing a bank account.

"Whether you're a parent or not, it's important to educate yourself in all of the ways finance affects your life, from the day-to-day management of budgets and loans, to planning for the future," Harris says. "Consider consulting with a financial expert who can build your confidence and help to fill in those gaps."

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Whose responsibility is it to teach financial literacy?

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