Teaching Children How to Take Financial Responsibility

(NECN) - Teaching children how to be financially responsible can be a difficult lesson for parents, but now there's an app for that.

Gregg Murset, CEO of MyJobChart.com, says there's a problem teaching kids to be financially literate.

"There's this kind of sense of entitlement and they think they should have more than they probably need, and so we've got to realize that. But then we as parents, we got to change the way that we're thinking and teaching," he says.

Murset says part of the problem lies with the fact that children hardly ever see their parents with cash these days, since so much is done on a "magic" card - a.k.a a credit card, and that using piggy banks and chore charts aren't effective ways to teach children about money anymore.

"A better way is what they're used to, which is an iPad, or you know, a phone - that's how kids learn these days," he says.

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