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MICHAEL STRAHAN (ABC NEWS) (Off-camera) Now you're over here with me. You're gonna help us out with this. We're gonna go back to school. And we have the one and only Mr. Wonderful. He is our teacher. And you know Kevin O'Leary from "Shark Tank." And now he's putting this panel of parents to the test to see if you all are A-plus students when it comes to teaching your kids about money. [ABSTRACT FROM PUBLISHER]

ROBIN ROBERTS (ABC NEWS) (Off-camera) But Mellody Hobson, kids and money. So in Chicago, she put them to the test to see how much they really know. We're gonna talk to Mellody in just a moment because you all have some young ones, and it's very important to have this conversation. We'll talk to the kids first and then Mellody. [ABSTRACT FROM PUBLISHER]

ROBIN ROBERTS (ABC NEWS) (Off-camera) How much do your kids need to know about money? A recent study shows that 20% of parents have never even talked about the basics of money with their kids. They may have worked in the past, but now, everyone needs to work at becoming a money pro. So Mellody Hobson joins us with a financial boot camp for your kids. And I know you say this, it's never too early to get your kids started on this, right? [ABSTRACT FROM PUBLISHER]

KATE SNOW (ABC NEWS) (Off-camera) Okay, Marysol, thanks. Well, the shaky economy has most people around the country tightening their budgets, buying a little less than usual. While trimming the costs at home can be really challenging, a lot of parents have the added difficulty of setting spending limits for their kids. ABC's Juju Chang now on how to talk to your kids about the new budget. [ABSTRACT FROM PUBLISHER]