Many U.S. K-12 schools lack financial literacy education, shifting the responsibility to parents. Jonathan Sanchez, co-founder of Parent Portfolio, and his wife took control of their finances to build a $1 million net worth. They now help others through their blog. Financial literacy remains low among U.S. adults, affecting spending and saving habits. Kids develop money beliefs early, but many parents avoid discussing finances. Millionaire dad Sanchez uses five simple phrases to teach kids about money and investing. Companies spend billions marketing to children, shaping their financial habits. Starting financial conversations early and modeling positive money habits are key for kids to develop money-savvy habits for life.

Read more at Yahoo Finance: 32% of parents avoid talking money with their kids. Here are 5 simple phrases to buck that trend in your family