Nearly half of parents lack confidence about their kids' financial acumen and that's not surprising given the myths kids hold about personal finances.

Let's face it. Kids are the financial future.

To help avoid another Great Recession or even depression it's a good idea to empower growing minds with the ability to manage personal finances before they get their hands on hedge funds, mortgage securities and other international investment vehicles.

Such vehicles turned to dust in the hands of not-as-smart-as-they-thought-they-were financial wizards and consumers who bit off more than they could chew and plunged us into a deep dark recession bordering on depression.

Avoiding a repeat is the idea behind a Consumer Federation of America (CFA) Survey tie-in with FoolProofMe.com, a new digital class room designed to teach young people about money and financial responsibility.

Here's the scoop.

When CFA recently commissioned Opinion Research Corporation to phone survey 553 parents (or guardians) with children under 18 years of age living at home in August this year the survey found:

• Only 53 percent of those parents said that they were "very confident" their children will leave home knowing how to manage money.

• Virtually all parents (98 percent) said they felt very or somewhat responsible for teaching their children how to manage money, credit, and debt.

• Only 73 percent said they were "very capable" of providing this instruction.

But kids really need competent help.

The new FoolProofMe.com found that youngsters live by financial myths that could really hurt their chances of financial success.

The "Top Ten Financial Myths," held by 14-21 Year-olds are:

• I don't have to worry about credit at my age (You do.).

• Bad credit can't keep me from getting a job (It can.).

• All loan companies have the same rates (Not!).

• All credit cards are alike (Fugedaboudit.).

• The job of financial advertising is to tell the truth (Unfortunately, it is not. Advertising does lie.).
• It's OK to bounce a few checks (Not!).
• It's OK to make minimum payments on a credit card (Only if you want to spend a good part of your life paying off small sums.).
• Paying late occasionally can't hurt my credit (It can RUIN your credit.).
• Fine print isn't important (You MUST read the small print.).
• Young people don't have credit scores (If you have credit, you've got a score.).

Parents and their kids can get pointed in the right direction on independent Web sites like FoolProofMe.com (endorsed by the National Association of Consumer Advocates and the Consumer Federation of America).

FoolProofMe.com offers three programs, one each for high school teachers and their students, college age people, and parents and grandparents for use with their kids.