NEW YORK (MainStreet) — You'd think that all parents would be on board with financial literacy for their kids, but many are not. According to a study from Junior Achievement and the Allstate Foundation, as much as 84% America's youth want to learn about money management from their parents, but parents aren't opening up — 34% say they don't speak to their kids about money and want to "let kids be kids."
That could translate into trouble down the road.
Learning about finances at a young age is key to making smart financial decisions in the future, affirms a study released by Washington, D.C-based American Consumer Credit Counseling's in time for April, Financial Literacy Month.
"Financial education is key to economic stability and success, and kids are never too young to start learning about money, budgeting and saving," says Steve Trumble, president and chief executive at ACCC. "While extensive financial education resources are available, too often they aren't included in students' learning environments or school curriculum. This has lifelong financial consequences. If we want our kids to be smart financial adults, we need to introduce these core concepts at a young age."
Of the parents who do emphasize money management lessons for their kids, what works and what doesn't?
"Teaching kids about money can be as basic as showing them how to make change," says Lindsey Muth, a marketing director in Eugene, Ore. "We started giving my son, Otto, allowance when he turned 5 years old. He gets $2 per week for his wallet and $1 per week for his 'donation jar' and whenever I can, I give him his allowance as a $5 bill or a $10 bill and he figures out how much to give back to me."