Making sure your children are financially literate is key to their future success. But many parents feel ill-equipped for the task. "Children should be taught how to manage money at school," is the common retort. A survey of teachers in the US, where personal finance is offered as a course at schools in 17 states, showed that only 20% of teachers surveyed felt competent to teach the subject. Craig Torr, a financial adviser and father of three, says teaching children how to work with money is a parental responsibility that can't be outsourced. "If you fail in this area, you're not preparing your children for the world," he says. Parents have the biggest influence on the lives of their children and children are more likely to do as you do than do as you say. Gerda van der Linde, an expert in behavioural finance, says: "This means you need to be a good example." And if you aren't one, get your act together. "There is good help out there. A consultation with a top financial planner will...

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