In the book of Proverbs we are told: "Train up a child in the way he should go: and when he is old, he will not depart from it."

Somehow that lesson gets lost for many families when it comes to teaching children about money -- even though there are a number of government agencies, nonprofits, and private companies promoting financial literacy.

As parents, we know it's imperative to teach our kids to say no to drugs and alcohol. But can we honestly say we're doing enough to help them fend off consumerism and credit dealers? I'm doing my best, but I could do better.

Most important, are you training your children to live off an average salary as young adults? Or are they now living so large based on your income that they will be incapable of managing their finances on a modest starting salary once they get into the real world?

According to one survey, today's teens expect to make big bucks when they reach adulthood. But what they know about personal finance won't help them live off what they most likely will earn. That disconnect is part of the reason why there are so many adults in credit card trouble or struggling to manage mortgages on homes they can't afford.

American teens believe, based on the career that interests them the most, that when they get older they will be earning an average annual salary of $145,500. Interestingly, boys expect to earn an average $173,000 a year and girls $114,200, according to the findings of Teens & Money, an annual survey released last month by Charles Schwab & Co. and the Boys & Girls Clubs of America.

While it's true that adults with advanced degrees earn four times more than those with just a high school diploma, many college students won't know how to get by on what they make once they graduate.

"It's great that teens are optimistic about their futures, but the reality is that these kids will face financial choices and decisions that are far more pressing and complex than anything their parents or grandparents ever encountered," said Carrie Schwab Pomerantz, chief strategist of consumer education at Schwab.

It's fine that teens have hopes of earning high incomes, but just in case things don't turn out as they plan, you've got to teach them to live within their means .

Nearly two-thirds of teens surveyed by Schwab said they were prepared to deal with personal finance issues once they graduated from high school. The majority said they were knowledgeable about money management, including budgeting, saving, and investing.

But fewer than half of the teens surveyed knew how to budget. Others didn't know how to pay bills, how credit card interest and fees work, or whether a check cashing service is good to use (it's not).

Yet teens certainly know how to spend. They have no problem using credit. That, we've taught them well.

Although 88 percent of them said they don't like the way it feels to owe someone money, almost a third (29 percent) have incurred debt (close to $300 on average). The survey found more than half (51 percent) believe "it is easier to buy things with a credit card than cash" and, given the choice, more than a quarter (29 percent) would actually prefer using a credit card, a 61 percent increase over last year .

The surveyed teens say they aren't being taught basic money management by the people who have the most influence over them -- their parents. Only one in four said their parents or guardians are training them about money by giving them a lot of experience budgeting, spending, and saving it.

Your children will have a better chance to live within their means as adults if you spend time while they're young showing them how to handle money. Teach them how to create a budget .

You will train your children well if you rebuff many of their consumer demands. It will be good practice when they're on their own and don't have the money to satisfy their every desire. Right now what many know is: I want. Mommy and Daddy give. It will be hard for them to depart from that habit once they're grown.

As Pomerantz says, "Teens not only want the keys to the world of adult finance, they are actually looking to their parents for driving lessons."

Michelle Singletary is a columnist for The Washington Post. She can be reached at singletarym@washpost.com.

© Copyright 2007 Globe Newspaper Company.