As a person with a background in personal finance, I am embarrassed that I haven't shared those skills with young relatives. So even though I have no kids, any money smarts my nieces and nephews have didn't come from me.
So when I hear that parents have difficulty talking to their kids about money, I have nothing but empathy. According to a T. Rowe Price survey, 71% of parents are reluctant to talk to their kids about money.
There are many books about teaching kids about money, but I question that a book is the most effective tool. I prefer many of the experiential Share Save Spend tools by Minneapolis financial educator and author Nathan Dungan.
Americans are more likely to spend large blocks of time researching a vacation than looking into the finer points of money management. So when I saw that Kiplinger had compiled a short, practical list of 10 Things Every Kid Should Know about Money by Age 18. I saw it as an excellent starting point for busy parents.
The tips are written by Janet Bodnar, author of many books about kids and money, including "Raising Money-Smart Kids." Each tip includes relatively painless ways to accomplish the goal based on how old the child is. It is easier for a 16-year old to understand saving for college than a 6 year old, for example.
Some of Bodnar's tips include:
How to save for a goal
How to manage an allowance
