Discuss savings goals, particularly the importance of saving for retirement. Offer to review a 401(k) plan, or help set up an IRA and give suggestions on how much to contribute. (Saving 10 percent of their annual salary for retirement is a good starting point for people in their 20s.)

Get specific about taxes. The amount the IRS takes can come as a surprise, especially if someone has a contract or freelance job where taxes aren't withheld. A word of advice now can help a young person set aside money for taxes on a regular basis when necessary and avoid an unexpected tax bill come April 15.

Explore investing opportunities together. With so much happening in today's markets, now would be a great time to talk about risk and the pros and cons of different types of investments -- from stocks to CDs.

Keeping The Door Open

Money can be a tough topic to bring up with your grown kids, especially if they're having problems. Keeping the door open for discussion is the first step in helping them handle their daily concerns -- and make smart decisions in the future. With our economic woes so much in the headlines, you have a perfect opening to bring up financial issues, and find out what's on everyone's mind and what type of information would be helpful. Then you can work together to answer questions, come up with positive plans and help each other feel more financially prepared. The more open and honest you are about your own finances -- and nonjudgmental about theirs -- the more receptive your kids are likely to be.

They say that "once a parent, always a parent." I think that's especially true when it comes to financial education. No matter how old your kids are you can still be a teacher, counselor, role model -- and helping hand when necessary -- and pass on lessons that may have a positive affect for years to come.