Sasha And Malia Obama Get Money Tips From their Dad

Malia Obama walks with new dog Bo, followed by President Barack Obama, Sasha Obama and first lady Michelle Obama on the South Lawn at the White House in Washington, Tuesday, April 14, 2009.
The first family with Bo, their dog, when they first got him
AP Photo/Charles Dharapak

They may live in the White House and be protected by Secret Service agents, but Sasha and Malia Obama still will be expected to line up babysitting jobs when they hit their teens.

Or at least, that is what their father, President Barack Obama, said in a television interview Friday morning.

Photos: Father-In -Chief
Photos:The First Family

Asked about the financial advice he gives to his young daughters, the president said, "It's a great question, because -- because so many of the problems that we see had to do with the fact that just basic calculations about compound interest and -- and what that means, you know, kids aren't taught that."

He says Malia, 12, and Sasha, 9, are getting an allowance and have their own savings accounts. Then he added, "They're starting to get old enough where they may be able to earn some money babysitting."

The president said he and his wife, Michelle, are trying to teach their daughters basic concepts about savings and interest, and show them how they can "use the math skills that they're learning in school to figure out that if -- if they keep $100 in their bank account at 2 or 3 percent interest for six months, this is how much money they're going to have at the end of it."

(Where can anyone get that kind of interest on bank accounts these days, Mr. President?)

Of course, we all learned about the Obama girls' allowances back in February 2009 when reports that the two were each getting $1 a week set off a debate on whether that was too low to be effective.

Should parents be the primary  teachers when it comes to handling money? What do you think parents should do to make their youngsters money-savvy? Take our poll and share your tips with others in the comments section below.

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