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Best intentions

Ultimately, the taboo aspect of money is what deters parents from broaching the topic with their kids.

I have an eight-year-old who thinks if I use my debit card, I can pay for anything. Jacqueline Howard director of corporate citizenship at Ally

"You don't want to explain how much you make, how much you spend and save," said Howard. All of that awkwardness is getting in the way of some very productive steps moms and dads could be taking with their children.

For instance, nearly three-quarters of the parents in the Ally survey said they encourage their kids to save, but only about half said their child has his or her own savings account. A third of parents said it was important for their kids to learn the importance of making donations. And 56 percent believe children should learn how to steer clear of impulse purchases. The bank polled 2,237 adults in March; 627 were parents of children under age 18.

Practical steps for you