How to talk to your kids about money

Talking money with children is more than just giving them a piggy bank and telling them to save their change. Sometimes a frank "how to" talk about money also reflects the values that parents want to instill in their children.

"Like the sex talk, money questions will sometimes stump us because of the emotions they call up," writes Ron Lieber for The New York Times. "But unlike the sex talk, our children may actually want to engage with us on money. And that can lead to some of the best family conversations of all -- about generosity, perseverance and perspective -- if we can just manage not to close too many of them off."

It's important to start talking about money early, according to research. More from MSN:

Behavior experts David Whitebread and Sue Bingham of the University of Cambridge reviewed previous studies to determine how children learn in general, and how they learn about money in particular. They concluded that money habits -- including the ability to plan ahead and to delay gratification -- are typically formed early in childhood.

"The window is zero to 7," said Guy Shone, research director for the British government's Money Advice Service, which published the study. "It's very hard to reverse those habits later in life."

Finance experts join The Daily Circuit to offer tips on helping children develop financial literacy.

READ: 4 money lessons for children to master

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