Consumer Alert: importance of teaching kids about money

Consumer Alert: importance of teaching kids about money

There's a new push to get parents to teach their children about money.

Some experts say that lack of education is the reason so many people are in debt.

Bethany Fischer says she would rather show her kids the value of money.

"I just think as soon as they understand the concept of money, that they should learn what it should be used for and how it should be saved," says Fischer, who tells her kids how much she makes every month and what she spends it on.

"You really want to set your values as a family and make sure you're sharing those with your kids," Fischer says.

Financial advisor Nicole Middendorf believes children should know the difference between wants and needs.

She says problems happen when parents think they are protecting their kids and don't want them to worry about money.

"If you're not having the conversation with your kids about money, what happens is they get into a lot of credit card debt or they make really poor decisions," says Middendorf.

Experts say parents should not get kids stressed out about money, but passing on simple lessons can help secure their financial future.

One good lesson is to teach kids how to budget their allowance.

Click here for an age by age guide with some helpful lessons.

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