Parents can directly influence how their children will "behave, act and think about money".
This is according to Sue Atkins, the author of Parenting Made Easy: How To Raise Happy Children, who added mums and dads can set an example for kids when it comes to looking after finances.
She added little ones will be affected if they come from families that do not budget properly and save.
Indeed, recent research from MoneySupermarket.com has found that saving rates have dropped by 3.28 per cent since 2007.
"You are a blueprint for how your kids will handle savings, how they will talk about money and how they behave around the whole issue of finance," Ms Atkins observed.
In the current economic climate, the expert thinks it is vital that families streamline their expenditure to make sure they have enough cash at the end of the month.
She stated parents should also be eagle-eyed and look to curb costs through deals, such as when buying new school uniforms.