I saw a survey many years ago that suggested only one in five parents felt competent to teach their children about personal finance. A recent article in Military Money, quoting a survey by Schwab, said only one in four parents are training their children “by giving them a lot of experience budgeting, spending and saving it.”
It is time for each of us to teach one person one financial lesson. The lesson could be about needs and wants. It could be about creating through a budget. It could be about the value of starting to save early. It could be about the cost of buying on credit.