Simply Money: Do you know how to manage your money? - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Simply Money: Do you know how to manage your money?

(FOX19) -

A new survey shows many Americans just don't know much about managing their money. 

More than 60% couldn't correctly answer three out of five basic money questions.

This isn't about a quiz, of course. This is about people not understanding how mortgages work, or how to figure out what they're paying in interest on credit cards.

The sad truth is, most schools don't teach this stuff. The responsibility falls to parents to make sure children learn it.

So, start early. Give your kids an allowance, and teach them how to manage it.

When they're old enough, make sure they find part-time jobs, and help them open accounts at a bank or credit union.  

High school students can open individual retirement accounts to get used to investing.

In addition, if you don't understand money, it's never too late to learn.

Visit the library for basic investing books and magazines. The Internet is also a great resource.

You can start with the SEC beginners' guide to investing at www.sec.gov, or take this financial literacy quiz to see how much you know: http://www.usfinancialcapability.org/quiz.php

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