Many parents are failing to educate their children about money. Three in 10 parents never talk to their children about money, or have had only one big talk with them, the Journal of Accountancy wrote August 9.

The report’s authors reveal that on average kids are 10 years old before they get their first money talk!

If you are one of these parents, start teaching your children about money before it is too late.

A 2005 survey found that “one in five teens don’t know that interest must be paid on borrowed money. Fewer than a third of teens know how to budget their money. And only 36 percent know how to open a savings account.” These are skills that children, especially teens, need.

The National Financial Literacy Commission offers four tips to help your children develop critical skills and reach life goals. But it is up to you parents to get your children started on the right financial footing.

Start early. As soon as children are able to express a want, discuss basics like delayed gratification that are the foundation for budgeting and saving for a goal. Require children to save some of their … money earned in after-school jobs. Give them small jobs to earn an allowance to pay for toys or other wants. Make saving fun by giving them a grocery list, and have them clip coupons and comparison shop by reviewing store fliers. Split the savings with them to reward their effort.Speak in their terms. A child might not care about money for college and may be more interested in money to buy a toy or spend with their friends. Create teachable moments around things your children care about. Also, show them the statement for their college savings account to build an understanding of compound interest and saving toward a long-term goal. The real learning will occur when your child tries to figure out how to earn and save for a toy or other item you decide not to purchase for them.Repeat often. The more you discuss good financial habits, the more likely your child is to make them a part of their daily life. During dinner, talk about saving for a big purchase, such as a family vacation, and how it might affect the budget. Show them your pay stub to talk about taxes and saving for retirement, and review their savings account and college account statements with them.Walk the talk. No matter what you say to your children about money, your actions are even more important. If you cave in easily when they make a fuss over a toy at the store, you will have difficulty convincing them to delay gratification and stick to a budget.

That fourth tip is especially important. Parents with financial problems have a good chance of producing children with financial problems. Even if you don’t have financial problems, act now to make sure your children don’t either.

If you want to learn how to take control of your money, read Solve Your Money Troubles! and The Financial Law You Can’t Afford to Ignore, in that order. For some practical ideas about how to teach your children about money, read “Do Your Children Know How to Handle Money?” by Andrew Locher.