Preparing your children to be financially literate

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How money savvy are teens in the U.S. compared to other countries? A recent study by the Program for International Student Assessment (PISA) on the financial proficiency of teenagers found that our nation's youth are not making the grade.

In fact, the U.S. came in 9th place out of 18 countries on how financially savvy teens are.

Teens who don't know the basics of banking, budgeting and managing income vs. expenses are more likely to start their young adult lives in debt and making poor financial decisions.

The long-term danger is that if teens don't learn the importance of saving money early - they won`t be prepared for retirement. Social Security only covers less than half of what we have earned. The other half is our responsibility.