You can develop fiscally responsible adults by starting when they are small. While managing your family's finances, teach your young one too. You don't want your children to repeat the mistakes that you made.
Here are some age-appropriate ways to pass on financial lessons:
WHEN THEY YOUNG
Pay bills together. Let them sit down with you when you are balancing your chequebook so they will understand that money comes in, but you have bills to pay. And sign them up if possible for programs focused on economics and financial camps and workshops such as those offered by World of Money or Creative Wealth International.
WHEN THEY ARE TEENAGERS
Get them involved. Give the child a job and have them look for scholarships. Web sites such as Scholarships.com and fastweb.com are a good place to start.
WHEN THEY ARE ADULTS
Discuss finances. Share information with trusted adult children. This will make it easier for them to take over if they have to, and lets them recognise what they are doing today to improve upon their parents' experience.