My wife had a college roommate whose idea of money management sounds like the punch line to a joke.

This roommate believed that her money never could run out, as long as she had checks in her checkbook.

As a result, she bounced about a dozen checks within a two-month period. But even as the bank hounded her, she still didn't understand why she was in trouble.

According to my wife, her response remained, "I still have checks. What do you mean I don't have any money?"

Seems to me the girl's parents should have spent a little more time explaining financial realities to their daughter before sending her off to school.

And according to a new survey, they are not alone.

The Charles Schwab 2008 "Parents & Money Survey" found that 57 percent of parents with teenage children wish they had learned more about money management when they were teens. But many of those parents admit their children may someday share the same regret.

The online survey of 1,000 American parents with teens between the ages of 13 and 18, conducted for Schwab by Kelton Research, showed that 60 percent of parents identify their teens as "quick spenders." But only 34 percent of parents surveyed have taught their teens how to balance a checkbook, and only 29 percent have taught them how credit-card interest and fees work.

That's amazing to me. It's probably appropriate to mention on Mother's Day that I remember my mom teaching me to balance a checkbook. As I have written before, it's a lesson I learned so well that I balance our family checkbook right away when our monthly statement comes, prompting teasing from my wife that doing so must be one of my favorite leisure activities.

But let's get back to the issue at hand.

The Schwab survey showed that 71 percent of parents think the best way for teens to learn about money is from guided, hands-on experience or from a parent's example, but few involve their teens in family budgeting and spending decisions.

In fact, the survey said parents were more likely to teach their teens how to do laundry (70 percent) and how to cook (68 percent) than how to regularly save money (54 percent), how to budget money (49 percent) and how to pay bills (43 percent).

I'm not saying those other skills aren't important. I'm certainly glad my mother-in-law taught my wife how to cook, and my waistline shows that she learned those lessons well.

However, I agree with the premise of this survey. Schools do an excellent job giving children a basic education, and they have tried recently to add more financial education to their mix. But the best place for children to learn money management is in the home.

The Schwab survey showed that 93 percent of American parents worry their teens might make financial missteps, such as living beyond their means (67 percent), getting in over their heads with credit-card debt (65 percent), failing to save for emergencies (60 percent) or failing to stick to a budget (57 percent).