Start them young: Parents urged to teach children about financial literacy

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Experts say that financial literacy skills should be taught at an early age.

Standard & Poor says a third of the global adult population know little about financial literacy. It is the main reason a large fraction of consumers has a tendency to quickly accumulate debts. However, being financially literate—or having the basic understanding of financial decision-making—isn’t a subject reserved only for adults. It is, in fact, an essential skill like learning how to count.

Gary Rabbior, president of the Canadian Foundation for Economic Education, is one of these adults who have mastered the skill. He said that parents must play a key role in educating children for financial literacy to be achieved. Kids should learn the value of money, and of earning, spending, saving, and investing it at a young age.

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