HUNTSVILLE, ONT. -- You know the old adage - blame it on Mom and Dad. Well, there might be some truth in that.

A recent survey by Co-operators found that 78 per cent of those surveyed are still financially under the unconscious influence of their parents for better or worse.

I know I am.

It was drilled into me at a very young age to pay my debts on time and never ever be late.

I had just started working while still living at home. I had forgotten to pay my weekly rent. Mom clearly indicated in the real world I could be evicted for non-payment. Trust me, I was never late again because I wasn't entirely certain she wouldn't follow through. Although today, I know she was simply making a point. However, like mom, I've never missed a payment in my life. A lesson learned at a young age.

Budgets matter and when you live within yours it sets the household tone. There is a difference between needs and wants and both need to be planned for. Open and transparent conversations about what you can afford is a great life lesson. Children will grasp very quickly that you can't have it all at the same time.

Using credit cards responsibly and paying them off on time is a great illustration of living within your means. There is no shame in saving verses spending and learning the balance between the two.

As parents, we shared our budgets age-appropriately with the children. Not all details were disclosed, but it was important to us that we were all aligned on how much money we had coming in and what it was we were spending our money on.

We looked for ways to minimize discretionary spending and cut out costs line by line. We made it a family affair. However, until you are crystal clear on what you are spending your money on, it is almost an impossible task to cut back.

Help your children establish goals that matter to them and getting them excited about saving their money can be a game-changer for them. It doesn't matter what the goal is, what matters is that it excites them and motivates them to save. In other words, learning at a very young age not to spend every dime they have coming in.

You might also want to try replicating household chores to real-life experiences. If you promise to pay a weekly allowance, then pay it on time. If you offer up bonus payments for extraordinary chores, be sure to pay it.

Never use money as a bribe as clearly that sets the wrong standard, yet don't be afraid to dock a portion of the payment for poor performance. In fairness though, like in the workforce, you need to communicate the performance shortcomings, give time for corrective action and celebrate the successes when they are achieved.

Children for the most part want to learn and don't want to disappoint. The Co-operators survey found that 45 per cent of respondents felt embarrassed and said they don't like talking about their finances because they feel ashamed, thinking they should be doing better at this stage in their life. Twenty-nine per cent also feel guilty that they don't have their money, investments, and insurances policies in order, the way their parents expected of them.

Talking about money shouldn't be taboo and the sooner we embrace the basics and life-long financial learning at an early age the better off we all will be.

Parents lead by example and children are watching. Always watching.