PEOPLE who as children squandered their Christmas money on faddish toys have grown up to be uncharitable adults, a survey shows.

The survey of 1250 adults, by Money-Ed-Box financial education company, showed almost 40 per cent considered themselves poor to average money-handlers, with out of control credit cards that would not be paid off until well into 2007.

Money-Ed-Box head Greg Smith said 71 per cent of poor to average money-handlers were not taught the value of money as children because they got a lump sum at Christmas time and blew it on the latest fad.

The survey also showed 68 per cent of those people would not donate time or money to charitable causes over the holiday season, in stark contrast to more than half of the good to excellent money-handling adults committed to helping the less fortunate at Christmas.

Of the good to excellent money-handlers, one in 10 frittered away their money on the latest fad and 90 per cent saved for their future.

Mr Smith said parents needed to take control and set dollar limits to teach children good money skills to ensure they could look after their money.

"Financial literacy is one of the most important issues a parent can teach a child, notwithstanding the ability to be disciplined and appreciate what money can or can not do," he said.

The company sells products to teach financial management and has launched a new generation Money-Ed-Box moneybox, made up of four separate compartments to teach children essential budgeting and money allocation skills - giving, living, saving and `wealthing'.