Financial Lessons For Kids - ABC 33/40 - Birmingham News, Weather, Sports

Some of the most important lessons in life aren't learned in school. One of them is finances. Teaching your kids about things like banking and checking accounts and compounded interest will make them more financially responsible adults. And, in turn, get us out of the financial mess we're in.

• The national debt is at more than 13 trillion dollars and growing.
• 43% of American families spend more than they earn each year.
• Personal bankruptcies have doubled in the past decade.

Betty Casey, editor of TulsaKids Magazine, believes too many kids aren't learning these lessons at home. "I think a lot of kids go into shock when they go to college and they have a debit card and they've spent $25 on a Coke because they've got overdrawn," according to Casey.

Casey says parents don't often teach their kids to be smart consumers because they assume they learn it in school.  And also, if you look at these numbers, maybe because they've never learned it themselves. "Its very difficult but we want our children maybe not to make the same mistakes that we make."

So it's a lesson on finances that could very well include this disclaimer:  "Do as I say, not as I do."