Teaching children about money

NEW YORK (WABC) -- As kids get set to head back to school, how about giving them some lessons they can take to the bank?

A recent survey from couponcabin.com asked adults about the importance of teaching kids about money.

Those who were surveyed said the most important lesson that parents can teach is how to save. Others cited being frugal and bargain hunting, as well as creating budgets, and the concept of investing as other important lessons.

The most common way for kids to get some cash to experiment with, is an allowance, which about half of parents say they give to their kids.

Most of those moms and dads said they gave an allowance to instill a sense of responsibility, and reward kids for chores. Others say it teaches the value of a dollar, and helps to teach basic budgeting.

Among the lessons that parents wish they learned when they were kids, is to be prepared for unexpected expenses.

Also, credit should be taken seriously - it is not just free money. They provide a better understanding of how student loans work.

Whether your children are heading to college or kindergarten - if there's anything the economy has taught all of us, it's that you're never too young to learn how to stretch a dollar.

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