In a country where credit is king, US parents are sending their kids to summer "money camps" designed to teach the value of saving and the pitfalls of massive debt.
"Look at the mess. Look at the amount of debt," says Elisabeth Donati, co-founder of The MoneyCamp in
Santa Barbara, California, which opens its doors to youth aged 10 to 16.
She charges $279 ($365) for a short course in financial literacy, teaching kids the rules underlying the "foundation of wealth", including making a budget, understanding interest rates and saving for retirement.
They visit banks, play consumer with fake money and listen to success stories from rich self-made men.
"We get everything, we get poor kids and rich kids," said Donati, whose camp is a non-profit organisation.
With Americans increasingly drowning in record levels of credit card debt, parents say they want to ensure their children understand how to manage money.
US households are spending more than they earn. The US savings ratio in 2006 was a negative 1 per cent for the second year in a row.
