According to a study done by annuity.org, 75% of American teens lack confidence in their personal finance knowledge. Couple this with only 22.7% of high school students in the U.S. having guaranteed access to personal finance courses, (Next Gen Personal Finance) and it’s no surprise that many young adults find themselves unprepared for real-world financial decisions. With the average household carrying more than $6,000 in credit card debt, early money lessons can make a world of difference.
To understand how parents can better prepare their children to become financially literate adults, ROC City Lifestyle visited The Mayeu Financial Group in Pittsford. We sat down with Brian Mayeu, President, and Dana Mayeu, Chief Financial Officer, parents of four, who offered thoughtful, practical insights on the importance of teaching kids about money—and how to do it in everyday life.
“Introducing financial concepts at various educational stages is essential for fostering responsible money management in children,” Dana explains. “In elementary school, kids can start by learning about currency, the importance of saving through piggy banks, and distinguishing between needs and wants. As children progress to middle school, they can grasp more complex ideas like budgeting allowances and understanding interest in savings accounts. High school students should be prepared for advanced topics, including detailed budgeting, understanding credit and its effects on financial health, and recognizing the risks associated with borrowing.”
One of the best ways to make money management real is by connecting it to everyday life. According to Dana, “Everyday situations like chores and allowances provide practical opportunities for teaching financial responsibility, including how to live within their means. By assigning monetary value to chores, parents can illustrate the relationship between work and earnings. Providing a regular allowance allows children to experience budgeting firsthand, encouraging them to allocate funds for spending, saving, and donating.”
When it comes to specific habits, she recommends starting with three:
- Consistent Saving – “Encourage children and teens to regularly set aside a portion of their income.”
- Budgeting and Planning – “Teach them how to create and adhere to a budget.”
- Goal Setting – “Encourage them to set both short-term and long-term financial goals.”
Crucially, Brian emphasizes early education around credit and debt. “Teaching kids about credit and debt is crucial for preparing them for adult financial planning,” he says. “Begin these lessons in late middle school or early high school by using relatable examples like buying a bike to explain credit. Introduce credit cards and stress the importance of paying off balances monthly to avoid high-interest debt. Highlight the impact of credit scores on borrowing and discuss possible debt pitfalls using examples like student loans. Encourage budgeting, living within means, and distinguishing needs from wants.”
Their core message is clear: “A vital financial lesson for every child is: ‘Live below your means and prioritize saving and investing.’ This encourages spending less than they earn, fostering financial security, emergency preparedness, and goal achievement.”
As both financial professionals and parents, the Mayeus speak from experience. “We started with simple lessons, like identifying coins and bills, and introduced saving early by giving them piggy banks. In middle school, we explored more complex ideas and even initiated investment accounts, guiding them on investment decisions. These experiences have not only equipped them with financial skills but also sparked excitement and critical thinking.”
Whether it's learning to save allowance money or understanding the value of budgeting, the experts at The Mayeu Financial Group make it clear: financial education starts at home—and it starts now. With small steps and open conversations, parents can raise kids who are not only money-smart, but money-confident. The takeaway? Start early, keep it practical, and make money conversations a regular part of growing up.
Teaching kids about credit and debt is crucial for preparing them for adult financial planning.