Kids are never too young to learn the skills of saving, budgeting, and other basics for becoming a money-wise individual.
In fact, a recent survey conducted by T. Rowe Price found that 60 percent of kids whose parents frequently talk to them about budgeting feel they are smart about money, as opposed to just 34 percent of kids whose parents do not.
Financial experts agree that the sooner parents start imparting key money concepts, the more effective they will be in raising financially responsible adults. While it may seem like an involved topic, it's as simple as starting a conversation.
"There is a clear correlation between talking with kids about financial topics and their habits," said Judith Ward, a senior financial planner with T. Rowe Price. "Parents can invest in their kids by talking to them weekly about money matters."
The survey also found that parents are having more financial conversations with boys rather than girls.
"Boys and girls should have the same opportunities to learn about money matters at home so they can grow into financially savvy adults," Ward says. "By talking to kids of either gender about things like saving for college, parents can help kids get involved and excited about their future."
