This goes along with the education points made in 'Geographically Challenged Americans' byte by kjhack, as well as the blurb about the article 'Let's make America thrifty again' posted by Mia Northwest.

Parents must not only educate their children on the basics, like geography, but also on things like savings. Many kids these days learn about credit cards before they know what a savings account is. There are many free and simple savings accounts available, so it should be one of the first things a parent should do. Open a savings account for their child. Teach them to save. Children will get excited about watching their interest accumulate and their savings grow.

My kids all had savings accounts from very early on and they were always excited to get those savings bonds from grandmom every year on their birthday. Now my grandkids have accounts and their parents are teaching them the same way. Now, with the internet, I have accounts with ING. They even have special areas on the website for children to learn about savings.

(By the way, you can open an account on ING for little or no money, but if anyone is planning to open an account with ING, drop me a note and I'll send you a code to get an additional $25 for a minimum $250 initial deposit. I think I have a few left.)

Kids can have fun saving if you have a Motorized Coin Bank and some coin tubes. They will save up every penny they can find just to get the chance to use the coin sorter every once in a while and bring their rolls of coins to the bank! Consider something like that an investment in teaching your kids about saving.

Electronic Coin Sorter