D.C. Unfortunately, Salisbury said, kids learn more from example than talk. A separate study released by the California Public Interest Research Group earlier this month indicated that the problems become more severe by the time kids reach college age. Almost half of college students with credit cards have paid a fee for late payment, and 7 percent have had a credit card canceled because of late payments, according to the research group. Both surveys, released to correspond with Financial Literacy for Youth Month, underscore the importance of teaching kids about money from a young age, experts said.
Education is the key.
The rest leave a revolving balance. To improve the situation, a bill was introduced in the House earlier this year to provide state grants to create financial-education programs in elementary and secondary schools. HR 61 also would create a national clearinghouse for instructional materials and the best practices in teaching financial literacy. Many Web sites also are devoted to financial education. But books, lesson plans and Internet tools won't get you very far if you don't practice what you preach.