Same Gene Pool: Different Money Styles

This is Financial Literacy Month. And I was thinking how very different my kids are when it comes to saving and spending. They all sprang from the same gene pool, and they've all witnessed firsthand how hard life can be without money. So how do you account for the fact that they relate to money in such different ways?

I have three kids - two still teens, and one who is nearing 21. Two of mine are savers. They are pennypinchers. One of these two is downright cheap. They've taken note of the struggles I've gone through as a single mom, and they're socking away most of what they earn in the bank.

The third is a spendthrift who believes in spreading her money around. As soon as her paycheck hits her account, it's being spent. Saving seems to be a foreign concept. And yet to her credit, she is very generous, and often offers to pay for things without being asked.

All three of my girls work very hard, and I do want them to learn to manage their money wisely and make it grow. So I'm going to share with them some articles I found today on teens and money. Check these out for yourself. In Time to Hit the Books, Kids, for Some Homework That Really Pays, Steve Rosen of the Kansas City Star recommends some recently published books on kids, teens, and money. And in Kids Want to Learn: Do You Want to Teach Them?, Carrie Schwab Pomerantz of Copley News Service cites some startling statistics which indicate many parents are failing to teach their children about money management at all.