It is quite evident that if they had explained to us at school, fundamental money management and investment skills, this generation would not have many of the economic difficulties as they currently do.
Compared to many of my closer friends, I have been fortunate enough to have had parents who taught me many basic economic skills while I was growing up.
And from what I have seen, it would appear that there has not really been very much change for our children in recent years when it comes to the lack of financial education.
Although many people may be expecting practical financial skills being taught at school, they just do not possess the time or even the resources to focus on teaching our children these essential skills, as a result it really is up to us as parents to educate our kids, when it comes to their financial education.
Youngsters typically learn best by observing their parents and learning by example.
If our children observe us buying things with credit cards, they will begin to suspect that this little plastic card is all that's necessary to receive your heart's desire.
We have to demonstrate to them that this little plastic card leads to a debt which each and every month needs to be paid off.
Get into the habit of paying off your card completely every month, so they may also learn this financial habit.
A lot of people are cautious (or even refuse) to involve their kids in their financial affairs.
Up to a specific age I would certainly agree.
However, we ought to make an effort to include our kids to some extent, so that they can start to learn the principles of financial management, and as an added bonus this will help in keeping you responsible for your own personal spending behaviours.
Having to talk about your own careless expenditure to your children will rapidly change your own personal spending habits.
As a parent, all of us wish to see our child much better off financially than we are.
Our children may turn out to be worse off in their later years, if we don't teach them how they can handle money while they are still young.
By providing them with the power of economic knowledge, we can circumvent this situation.
Should you not feel you are skilled enough to show them correct money handling techniques then work with the support of trained professionals or maybe relatives who are experienced with money.
The aim isn't perfection.
It is fundamental instruction and ultimately protecting them against the already catastrophic personal credit card debt from spilling over straight into the next generation.
One of my favourite example of showing financial management within the family home was demonstrated by the Dilley household.
They had sextuplets a number of years ago and developed methods to instruct their children to behave well and educate them in good financial management while doing so.
The children received Dilley Dollars for carrying out their daily chores, as well as good behaviour.
The Dilley Dollars were redeemable for video gaming time as well as exchanging them for real cash (fifty cents real money for each Dilley Dollar) which could be used to purchase anything they wanted.
The kids were encouraged to save some of their funds in an effort to teach them to appreciate what it takes to generate money in this world.
No matter what method you develop, stick to it.
Teach your children to become accountable for their own personal spending behaviours, as well as being responsible to them for your own financial choices.
Admit your faults and do your very best to lead them down the right economic route.
Acknowledge the effects of your own terrible decisions.
Of course you are the parent, and you make the final judgements.
But the more you are able to include your children in the money operations of your own household the better off they will end up being once they take on the real world on their own.