How to Prepare Your Kids for Money Challenges

NEW YORK (CBS) Talking with your kids about money isn't always easy.

In fact, in a recent study, many parents said they'd rather deal with the purchase of a new car than talk with their kids about money.

So how can you start the money conversation with your child and make it a productive one?

In our "Eye on Parenting" webshow, CBS MoneyWatch.com's Jill Schlesinger suggests that  talking with kids early about money, so the lessons they learn will last a lifetime.

In particular, Schlesinger discussed when to start an allowance for your child. She also offered tips for helping parents help their kids prepare for the increasing finance challenges of each stage of life -- especially college.

Click on the video below for Schlesinger's tips: