Here Is How to Make Your Kid a Financial Genius

It's no secret that young people aren't exposed to enough financial education. Beth Kobliner, author of Make Your Kid a Money Genius, is trying to fix that in her comprehensive money guide for parents.

"Research shows by age three, kids understand basic money concepts," Kobliner said.

She also stressed the importance of teaching kids about the notion that money is earned through work. "That concept is kind of a big concept when you think of it," she added.

Kobliner advised the use of cash over credit cards, as consumers tend to spend twice as much when using plastic.