MarketWatch Guides recently reported its insights on the financial literacy of American adults. Among the key findings: Only about 57% of U.S. adults are financially literate. It’s a sobering commentary on today’s society but also about what we’re teaching young people before they become adults. Knowing how to handle finances is a process best introduced as soon as a child understands that money can buy things. So are things like saving for retirement, buying a house or paying off debt.

There are a variety of ways to educate children, who will be our business leaders of the future. And there are programs for adults, too. Most banks offer safeguards and teaching elements to educate the public about keeping their finances on track. There are also several not-for-profit organizations that lead hands-on educational classes or experiences about managing money.

Junior Achievement USA, a not-for-profit organization that inspires and prepares young people for success, partners with local corporations and individuals to fund and deliver programs to local students. Their programs cover topics related to money management and budgeting, spending versus saving, and work and career readiness.

Several local banks are involved with Junior Achievement USA, sponsoring in-school classes taught by volunteers. Assistant branch manager Latoya Carter and universal banker Sonnie Underwood, both at Montgomery Bank in Cape Girardeau, participate in the program. Throughout the school year, they visit elementary grade classes in the Cape Girardeau Public School system, conducting weekly 45-minute sessions for six weeks.

“My most recent experience involved sessions about how our money travels through the community,” Underwood said. “Students simulated jobs at a pizza place, earning an hourly wage. They learned about taxes on purchases and how taxes are used in the community. During discussions about what to do with their paycheck, they learned about prioritizing their spending, the difference between wants and needs and why savings accounts are important.”

During the sessions, the students are introduced to Montgomery Bank’s Kid’s Club savings program for children 12 and under. Earning interest on their deposits, as well as the $1 birthday vouchers, and other special events, help make saving money fun. Students are able to tour the bank, giving them a better idea of how money works and what happens to it. On a recent visit to the Broadway branch, a local fourth-grade class chatted with the tellers and bankers about what they do and learned how deposits and withdrawals are handled.

“A view inside the vault was an eye-opener,” Carter said, “inspiring a discussion about how a bank uses your money for a variety of things, rather than just having it locked away in the vault.”

Nita Pickens, regional financial empowerment supervisor at The Bank of Missouri, talked about her experience with Junior Achievement USA and other programs provided by their bank.

“Junior Achievement keeps the kids engaged and they seem to learn a lot about money,” Pickens said. “However, it is only one of the ways that we help educate people about money and taking care of one’s finances. Our website offers a number of tools to keep your finances on track, like saving money, starting a business and making a budget. We believe in encouraging young entrepreneurs.”

In October, The Bank of Missouri will host the third regional “Children’s Business Fair” in partnership with the Visit Cape Fall Festival at the Riverfront Park. This event helps youth entrepreneurs to showcase their businesses. The bank also offers a program called Show-Me-Savers, which prepares a child for financial independence in a creative way. Anyone under the age of 18, can open an account with a minimum deposit and no minimum balance requirement.

Ideally, a solid foundation in the world of finance should start even before a child’s first job. With parents as a child’s first teacher, modeling how to save and spend wisely is important. Whether it be money from an allowance, babysitting, or a gift from grandma, teaching a child what to do with money is crucial. Keeping track of their money, through a check register or online bank statement, provides clarity and responsibility.

Lisa Howe, from Oak Ridge, Missouri, is a retired project manager at Southeast Missouri State University. She, along with her husband Scott, talked to their daughters about the advantages of investing money, even when they were too little to do it. They gave advice about shopping around for the best prices on gas and groceries and making decisions about expenditures by rating them according to importance — such as fun things, clothes, eating out and church. They encouraged the girls to save money by opening a savings account for birthday money and gifts and setting up a college savings account to remind them of future goals. They also rewarded good grades and paid them an allowance for chores.

“We tried to teach them to make a plan with their money,” Howe said. “They didn’t always stick to it, but I don’t either.”

Valerie Petzoldt and her husband Brandon from Jackson, Missouri, have two children involved with 4-H, a not-for-profit organization that helps young people gain skills for their communities and economy. Within the program, children are taught science, healthy living, agriculture, sewing, cooking and finance. The Petzold kids raise and show sheep at fairs in Madison County, Cape Girardeau County and Perry County.

Raising and showing an animal at the fair requires organization, planning and money. The Petzoldt kids learn about making purchases for their projects and keeping track of each transaction. Cash prizes are given at the fair according to the judging of each item entered, teaching members that hard work is rewarded. If the 4-H member sells an animal, there is an opportunity to save or spend their money.

“We let them spend their ribbon premiums as they wish, but when they sell their market animals, all of that goes straight to savings,” Petzoldt said. “They help me put receipts in the computer so they know what it means to pay for things. It definitely helps them understand that the hard work they have poured into these animals results in payment for that work. Our son has recently taken some of his market animal earnings out of savings to help buy his first vehicle.”

Becoming educated about money management and making wise financial decisions is important whether young or old. Banks are not the only financial institutions that offer money management, and children are not the only ones who need coaching. Adults should be aware that any unsolicited message, odd situation, or financial opportunity that seems too good to be true, should be highly evaluated. According to the American Bankers Association and the Missouri Bankers Association, bank fraud is the main area of concern, with check fraud being the most vulnerable to scams.

Thrivent Financial, a Fortune 500 financial services company, offers a variety of products and services including financial advice, investments, insurance, banking, and retirement planning. Their free budget program “Money Canvas” is a series of one-on-one video conferences with a financial coach to help you see where your money is going, building healthier financial habits in the process. Local offices can be found throughout Southeast Missouri.

For those wanting to educate themselves and their children about the use of money, there are many opportunities, both online and in-person. Being informed brings assurance, confidence, and typically less stress when it comes to finances. And encouraging children to take advantage of these financial opportunities can set them up for a brighter future.