Consumer reporter Kristen Miranda explains how parents can use 4 jars to teach their children about saving money.By Kristen Miranda - bio l email
Posted By Jeff Rivenbark email
CHARLOTTE, NC (WBTV) - If you needed proof children and teens have a hard time handling money, look at teh results of some recent studies.
Only one in three teens knows how to balance a checkbook.
Only one in five knows how to invest.
More than half of college students carry four or more credit cards with an average balance of nearly $3,000.
However, you can start some important money lessons for children as young as the age of four or five.
"Harris Interactive did a study for Northwestern Mutual that said for parents who talk to their kids about money, their children have twice as likely a chance to become a saver," says Northwestern Mutual Financial Professional John Putnam.
Click "play" to learn more about a four bank system, creating a 401-Kids program, and the difference opening a bank account with your high school student can make.
Then click the link above, "Talking About Money - Help For Parents And Kids", to get the conversation started at your dinner table.
