If your children don’t understand the importance of money management, you’re not alone. Virtually every study and survey about children’s knowledge of managing money reports that children aren’t getting the education they need. A recent poll by the Jump$tart Coalition for Personal Financial Literacy, for example, showed a decline since 1997 in financial literacy among teenagers. Yet, by teaching your children important money management concepts now, you’ll help ensure their financial success as adults.

Here are some ideas for teaching your children the importance of money.

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