Debt collectors want kids to learn financial literacy

Sep 5, 2011

Debt collection companies want your kids to learn about money management now, before their livelihood depends on it.

Last week, the Associated Collection Agencies of Colorado and Wyoming released a list of tips for parents to teach their children about financial literacy.

Spokesman Mark Schiffman said it's never too early to teach kids fiscal responsibility, even if parents have had their own budgetary problems.

"Regardless of their financial situation currently, they still can be great role models in how they deal with those situations, the lessons that they learn, and helping continue to keep their kids involved and help them learn how to better manage their money."

Schiffman emphasizes honesty, communication about real-life issues and giving kids an allowance, so they'll learn money management first-hand