Financial education: Why your kid is failing & how to fix it

Teenagers may think they know everything, but according to one poll, less than a third of teens understand how credit card interest works.

So how is this possible? The National Foundation for Credit Counseling said it's because parents do not feel confident in their ability to teach their kids. When the foundation asked parents to grade their financial knowledge, 41 percent of adults said they would give themselves a C, D or F.

John Shrewsbury, GenWealth financial planner, joined Scott Inman to explain ways to simplify teaching kids about cash.

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