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10 Things Every Kid Should Know About Money by Age 18

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Families still seem to be struggling with how to help their children learn to manage money. One indication is that parents can't keep from indulging their kids. In the 2016 Parents, Kids & Money survey from T. Rowe Price, 46% of parents said they have gone into debt to pay for something their kids wanted. Birthdays come with big price tags: 41% of parents spent $200 or more on a child’s birthday presents in the preceding 12 months, and the same percentage spent $200 or more on the child's birthday party. Among kids, 57% agree with the statement, "I expect my parents to buy me what I want." And not surprisingly, 58% of parents agree with the statement, "I worry that I spoil my kids."

Furthermore, 71% of parents are reluctant to talk with kids about money. When asked how often they take advantage of opportunities that occur throughout the day to talk to their kids about financial topics, less than half said they do so most of the time.

To jump-start the conversation during Financial Literacy Month, here's my list of 10 things every kid should know about money by age 18, with painless ways to get the job done.

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