The (Financially) Blind Leading the Blind

Here's a depressing quote if I ever saw one. It's from the October 2006 issue of Kiplinger's and says:

In a survey by USAA, 86% of teens say that parents are their most helpful source of information about money. Meanwhile, 49% of parents say their money management skills range from "okay" to "terrible."

Frankly, I think that too many parents are giving themselves too much credit. Based on what I've seen, more than 49% are much worse that what is indicated here.

Is it any wonder so many young adults get into financial trouble? They look to their parents for financial advice, get and act on it, and then they're soon in the same mess their parents are in.

The answer: parents need to learn how to handle their money and then put this learning into practice. Then they need to teach them to their children. A place to start? The 10 Best Money Moves You Can Make.