90% of parents believe family members are responsible for teaching kids how to manage money, but more than half of college students say they don't feel financially prepared for the real world, according to research from Bank of America.

Bank of America head of consumer products Mary Hines Droesch joins Wealth! to discuss how you can teach your kids about financial responsibility.

"One of the keys to success in teaching your children to be responsible is starting early — as young as six years old," Droesch tells Yahoo Finance. While children may not fully understand the concept of money, she points to fun ways to teach them the concept that things cost money. For instance, if you go to the grocery store, you can help them understand the choice between a $5 and $7 box of cereal.

She adds, "You've got to do things with your children to educate them on it, as well as to give them the experience with money. And that's where allowances can play a big role." Allowances can teach children the differences between wants and needs, as well as the concept of saving up for larger purchases.

Droesch notes that Bank of America's research found that most parents get their children cell phones at age 11 and debit cards as early as age 10. Having a checking account is a great way for children to experience handling money, and she explains that Bank of America's SafeBalance allows parents to give their child access to an account and card in a "safe and controlled" way.

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This post was written by Melanie Riehl