Schools are teaching this. I remember lots of lessons on compound interest, balancing checkbooks, etc. But it totally conflicts with the "instant gratification" message. Also, parents don't lead by example. What a parent does is WAY more powerful than any lesson learned in a classroom setting.
Fortunately, what I learned in school matched up well with the example I was set at home. :) My parents were of the Depression generation, and perhaps that hard-won example of financial responsibility is hard to find now.
Our kids have been taught about budgeting and we don't keep our finances a secret from them. I haven't done it lately so they're going to get the pay stub, the bills, and the checkbook next week and make the ends meet (insert evil laugh!).