By Tim Kowols
You do not have to have a mortgage or even student loans to start learning how you can take care of your future finances. According to the National Endowment for Financial Education, one in five teenage students in the United States lack basic financial literacy skills and were ranked in the middle of the pack among kids from 14 other countries when it came to understanding basic concepts and skills. Gay Pustaver from Money Management Counselors recommends communicating with your kids about money so they catch on by observing.
Pustaver says paying for items with cash, reading out loud to your kids, and helping set small goals are also great ways to promote financial literacy at a young age. You can listen to the entire Money Management Monday interview with Gay Pustaver online with this story.