School is out and parents' report cards are in... According to the T. Rowe Price Parents, Kids & Money Survey, parents on average grade themselves a B- when it comes to their total understanding of basic saving and investing concepts such as setting goals, the importance of saving, spending smartly, inflation, and diversification.

The study of 504 moms and dads nationwide also revealed that 60 percent of parents feel that financial discussions do not happen nearly enough, and more than half are worried they could be doing more to prepare their children to be financially competent by the time they turn 18.

The survey coincides with the recent launch of The Great Piggy Bank Adventure, two interactive financial education and entertainment experiences created by T. Rowe Price in collaboration with Walt Disney Imagineering and Walt Disney Parks and Resorts Online.

"The survey confirms that parents want to impart sound financial values to their children, but they do not always have the tools or feel knowledgeable enough to teach them," said Stuart Ritter, CFP(R), a financial planner with T. Rowe Price. "We have a long history at T. Rowe Price of educating investors, and The Great Piggy Bank Adventure enables us to educate families on core financial principles while also providing parents with teachable moments that will empower them to talk to their kids about the basics of personal finance and involve them more in family financial matters."

Although the current economic conditions have served as a catalyst to encourage nearly half of parents to have more conversations with their kids about money, the survey revealed that more than half of parents feel they have to periodically reinforce money lessons because their kids quickly forget them. Regular occurrences such as giving an allowance, shopping together, getting birthday money, or balancing a checkbook are ideal times to impart basic financial lessons, especially around setting goals and spending wisely, Ritter says.

However, according to the survey, most parents do not always leverage these occasions. Nearly half of parents neglect to utilize receiving money as a gift as a teachable moment and the majority do not always capitalize on shopping or grocery store trips as opportunities to have a conversation about money and finances. In addition, 41% of parents who give their children an allowance report that they always or sometimes come back for more money after it runs out.

Other survey findings include:

• Piggy Banks Help Teach Kids About Money -- 85% of parents report that their child has a piggy bank, and nearly all say that having one sets a good example about the importance of saving. A majority of parents say the decision to take money out is shared, while nearly a third say the decision rests with the child alone.
• Financial Conversations are a Shared Responsibility -- More than two-thirds of parents say that speaking to children about money is a shared responsibility. However, when one parent is solely responsible, the task falls to Mom nearly two-thirds of the time.

Visit www.troweprice.com/trowefamilycenter  to access The Great Piggy Bank Adventure online board game and links to T. Rowe Price financial tools, calculators, and investment information.