Parents, teach your kids about money

My wife had a college roommate whose idea of money management sounds like the

punch line to a joke. This roommate believed that her money never could

run out, as long as she had checks in her checkbook. As a result, she

bounced about a dozen checks within a two-month period. But even as the bank

hounded her, she still didn't understand why she was in trouble. According to my wife, her response remained, "I still have checks. What do you

mean I don't have any money?"Seems to me the girl's parents should

have spent a little more time explaining financial realities to their daughter

before sending her off to school.And according to a new survey, they

are not alone.The Charles Schwab 2008 "Parents & Money Survey"

found that 57 percent of parents with teenage children wish they had learned

more about money management when they were teens. But many of those parents

admit their children may someday share the same regret.The online

survey of 1,000 American parents with teens between the ages of 13 and 18,

conducted for Schwab by Kelton Research, showed that 60 percent of parents

identify their teens as "quick spenders." But only 34 percent of parents

surveyed have taught their teens how to balance a checkbook, and only 29 percent

have taught them how credit-card interest and fees work.That's amazing

to me. It's probably appropriate to mention on Mother's Day that I remember my

mom teaching me to balance a checkbook. As I have written before, it's a lesson

I learned so well that I balance our family checkbook right away when our

monthly statement comes, prompting teasing from my wife that doing so must be

one of my favorite leisure activities.But let's get back to the issue