Back-to-school season is ramping up. Along with sales on school supplies and new clothes, are your kids armed with money management skills?

According to a recent Visa study, they&39;re not likely learning about credit at school or at home. Only 5% of adults reported learning about money management in elementary or high school. At the same time, less than half (48%) reported that they learned about money management from their parents.  So how are people learning about money management? 41% said they were self taught or learned the hard way.

Before sending your kids back to school, here are a few quick lessons you can give them to learn about money management and credit:

1. Saving is Important. This is a lesson a lot of people could stand to learn. Teach your kids about saving by paying them "interest" when they save up their allowance for a big purchase. You can use the analogy of a penny doubled every day being worth more than $1 million to teach them about compounding interest.

2. Working can be Rewarding. The ol&39; lemonade stand, babysitting or summer lawn mowing job really sets a foundation for understanding income, capital, taxes, business, etc.  Encourage your kids to set up a summer business or job.

3. Credit Cards, ATM Cards and Checks...Oh My. Do your kids the know the difference between these payment options? A quick lesson at the grocery store check-out counter can help teach your kids about how to use money responsibly. Make some kid-friendly paper checks that your kids can use when playing "shop."

4. Paying Bills Late Has Consequences. Make sure your kids know just how important it is to always pay your bills on time. Involve them in your bill payment and talk to them about the lasting credit damage that can come with a late payment.

5. Older Kids: Credit Cards are Not Free Money. If you can get your kids through high school and college without massive credit card debt, you&39;ve done an excellent job! Teach your older kids about how credit card interest rates are calculated, how minimum payments work and how you need to send in payments on time.

Remember, your own financial example is the best lesson your kids will learn. If you make smart financial decisions (keeping your debt low, controlling your spending, saving & earning good credit), your kids are likely to make the same healthy choices when they are older.

Emily Davidson – Credit.com&39;s Communication Director and former TransUnion credit expert. Emily writes about credit reports, credit scores, loans and personal finance as the CreditBloggers.com editor