It's been said that the earlier in life you learn a foreign language, the more fluent you become in speaking it. The same holds true for money. Early lessons in learning how to spend, save and invest can prepare a young person for a lifetime of sound money management.

Many parents don't feel confident providing this basic information. In one study by FleetBoston, just 26 percent of parents with children 5 or older said they felt well prepared to teach their kids about basic personal finances. In another study conducted by Capital One, 79 percent of parents see themselves as positive money role models for their kids, yet only a small percentage are taking advantage of day-to-day learning opportunities to arm their keiki with practical money skills.

So the message doesn't seem to be getting through. Too many young people aren't getting enough good, practical information on how to handle their money. Parents are either not up to the task, or aren't interested. And many schools aren't teaching money and savings skills. Few states require high school graduates to complete a course that includes personal finance. Many teachers are not trained to teach personal finance. Yet the nation's teens spend roughly $169 billion a year.

It's no longer just a nice idea to teach kids how to handle money. The failure to teach them could lead to a financial literacy crisis in America. Some believe the crisis is already here.

Many bankers want to use their expertise to help out. Each April, bankers participate in The American Bankers Association Education Foundation's National Teach Children to Save Day. This year's event is tomorrow. Since the program began a decade ago, bankers have helped more than 1 million students across the nation learn to manage their money more effectively. In addition, American Savings Bank created its "Careers in Banking" program three years ago that introduces children to careers in the banking industry and teaches them how to wisely manage their finances.

Just as local firefighters and police officers teach community safety courses, bankers have knowledge and skills that fill the need to teach young people how they can develop sound money management skills at any age.

I will have the privilege of returning to Pearl Harbor Elementary on Teach Children to Save Day to give students the resources and tips they need to help them begin to develop money management skills and savings habits. These basic, yet essential, skills are important for every young person to learn and are valuable at any age. I am looking forward to the experience of returning to my elementary school campus — and I hope to do my part to educate our young people about the importance of financial literacy.

Parents can teach their children about the value of money and managing it wisely. An easy way to start is to provide them with a piggy bank and encourage them to save whenever they can. As they get older, parents can teach their children about personal responsibility by providing them with an allowance in exchange for doing chores. To further the learning process, helping your children start their own savings account can teach them lessons about growing and protecting the money they worked so hard to earn. Or, encourage their entrepreneurial ventures, such as organizing a lemonade sale as a money-maker to help feed hungry children. Students will learn about income and expenses and the relationship between risk and reward.

We can overcome financial illiteracy if we work together, share our expertise and encourage more parents, schools and community leaders to focus on the issue. Learning to handle money, spend carefully and invest wisely is not just a good way to prepare young people for the responsibilities of adulthood, but an important step in strengthening our own futures and that of our own economy.

Gabe Lee is executive vice president for commercial markets at American Savings Bank. He was a student at Pearl Harbor Elementary from 1968 to 1970. He wrote this commentary for The Advertiser.