Family institutions have great responsibilities to raise educated children. However more and more families are relying on private and public school systems to carry out this task.

The first step for parents or parents to be is to gain and practice the necessary financial knowledge themselves. Parents are the first and most important role models for their children. It is also very important to start teaching finances to children from early ages.

As children grow and become more mature, they need to be involved with family financial decisions so their education is complemented by actual experiences.