Study: Kids Savvy About
Saving Money

(MYFOX NATIONAL) - Some parents might think their kids don't know how to save money, but a new study says otherwise.

A Northwestern Mutual Foundation poll has found that kids 17 and younger are more likely to save their money than adults 30 years and older. Young people are also less likely to charge their credit cards if they know they can't afford an item.

Of the 1,600 respondents who answered a series of questions between January and March, 57 percent of kids said they would save money for an item they couldn't afford versus 42 percent of adults age 30 and over.

"Kids today could become the most money smart generation since the 1940s," said Meridee Maynard, Northwestern Mutual financial literacy expert and senior vice president.

The current economic crisis has brought more attention to teaching young people about personal finance. Lawmakers in Washington State are proposing legislation that would provide grants to schools for financial literacty education.

"If the current generation of young people pays close attention to the downsides of debt, the lessons learned from this recession could provide dividends for a lifetime," Maynard said.