Denver7 is always looking for ways to help you shop smarter. But experts said it's important to teach your kids those good habits too.
About 81% of kids get their financial knowledge from their parents, according to a recent survey from Intuit. That same survey shows high schoolers wish they knew more about finances.
"It's really important that as parents, we educate our children about how to spend money," Amanda Kutzler from Premier Members Credit Union said. "While we may think they're learning it somewhere else, they're probably not."
Kutzler said each child is different, but she recommends starting these conversations when they're between 9 and 12 years old. She said it doesn't have to be too formal.
"Have them accompany you to the grocery store," Kutzler suggested. "When they say they want something, ask them how much money they have, and if they're willing to part with it."
Kutzler said this also helps them understand needs versus wants and how to prioritize their money. It's important to keep things simple and easy to understand. But there's one common misstep she often sees parents make: making spending decisions for your kids, instead of letting them make their own mistakes.
"This is a great opportunity to teach them the cause and effect of their spending choices," Kutzler said. "It's a safe way for them to learn from and experience realistic consequences of making poor decisions."
Kutzler said the responsibility of teaching kids about money often falls on the parents. But right now, there's a bill moving through the state house that would make financial literacy classes a graduation requirement for public high schools in Colorado. The house passed it last week. As of Monday, the Colorado Senate is considering it.
There are also several resources for parents to help kids learn about how to save. The Consumer Financial Protection Bureau has tools for all age groups — from young children to adults. The FDIC also has guides for parents and caregivers of school-aged kids.
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