Money 101: What is the foundation of financial security?

Times are tough. We're here to help.

Learning about money is the foundation for achieving financial security, but most students aren't taught personal finance in school.

Only about one in four students has access to a personal finance course, usually as an elective or woven into another subject, like math or social studies. That means parents and other adults may have to step in to teach children basic money concepts, including budgeting, saving, investing and giving back.

When my kids were growing up, I often found a way to sneak in a money lesson in everyday conversations. You may want to try this approach with the young people in your life.

I remember taking my son to the grocery store and explaining to him why I was looking at the unit price instead of the sale price on items to find the best deals. He wasn't even a toddler yet!

Don't shy away from having a money talk with a kindergartner, tween or college-bound teen. Maybe pick a money word - earn, spend, save - to spur a quick chat. Our daily lives often consist of money moments that we may take for granted but should be talking about out loud with our children.

CNBC's Sharon Epperson works with students in a personal finance class at Winooski High School in Vermont.

Children and teens often want to learn more about money. Research shows going beyond sporadic conversations and taking a stand-alone personal finance class in school can help to improve credit scores and reduce defaults among young adults.

Imagine if you graduated from high school already knowing how to figure out how many hours you'd have to work to have enough money to pay for all of the items you needed for your first apartment. What if you already knew how to read a pay stub, determine your after-tax income, create a budget, and prioritize purchases - all before your 18th birthday! Those are among the many money lessons being taught at Winooski High School in Vermont, where students are required to take a semester-long personal finance class before graduation.

Yet, this school is the exception, not the rule. Only eight states currently require high school students to take a personal finance class before graduation. Ten other states are in the process of implementing this requirement.

"Financial education is also critical, for both children and adults. Not only should this be taught in schools, but it's imperative that companies provide financial education and make it easily available."

— TIAA CEO Thasunda Brown Duckett

With many people missing out on financial education at home or school, working adults are now seeking financial advice and guidance from their employers. Some large companies are investing in programs that support their employees' financial well-being.

Your workplace may offer an employee assistance program, or EAP, that can offer help with budgeting, managing money and paying off debt. Contact your human resources department to find out what financial education tools may be available.

Finding resources for financial education through work can be a greater challenge for freelancers, contract workers and entrepreneurs. Yet, small business owners face many challenges impacting their finances, from inflation and a looming recession to difficulty securing working capital.

With so much economic uncertainty, many entrepreneurs share a major concern of most Americans - how to keep money safe. Nicole Elam, president and CEO of the National Bankers Association, will join me with some answers at CNBC's Small Business Playbook event on Thursday, May 4th at 1 pm ET.

She'll join me to talk about steps and tools that entrepreneurs and small businesses can take to protect their capital and their livelihoods. Following our highly popular Women & Wealth event in April, this virtual event for small business owners will provide more informative discussions and resources to help you manage and grow your business. You can sign up for this free event here. I hope you'll join me for what promises to be a lively discussion.

And send me any questions you may have about your finances as you try to find better ways to manage, grow and protect your money. Submit your question here and I may answer it LIVE on NBC's TODAY Show on Monday, May 15th.

Looking forward to another exciting month ahead,

Sharon Epperson
CNBC Senior Personal Finance Correspondent

Sharon Epperson
@sharon_epperson

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