The Schwab survey showed that 93 percent of American parents worry their teens might make financial missteps, such as living beyond their means (67 percent), getting in over their heads with credit-card debt (65 percent), failing to save for emergencies (60 percent) or failing to stick to a budget (57 percent).

I reckon many parents struggle with the same things, so it's no wonder we're so worried. But instead of wringing our hands, we parents need to first hone our own financial skills, then take the time to explain money management to our kids.

Hopefully the Schwab survey results, though not all that surprising, can remind us of this responsibility.

After all, the survey said 33 percent of parents anticipate that their "golden years" will include helping their children financially. If we, as parents, set a good enough example, maybe we can turn that statistic around.

I know I'd love to have my financially successful children send me and my wife on an extended vacation to Hawaii or Europe — or both — someday.

But if we don't do a good enough job of teaching them now, they might be justified in making that a one-way trip.

If you have a financial question, send it to gkratz@desnews.com or to the Deseret News, P.O. Box 1257, Salt Lake City, UT 84110.

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E-mail: gkratz@desnews.com