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Teaching kids traditionally about money doesn't work: 5 things that will

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Age progression software

One study found that participants who were exposed to a virtual reality experience—using age progession software that projects their virtual selves into the future—chose to allocate twice as much to their retirement accounts as the control group that did not use the software. The theory behind the results? Most young people view their future selves as different people—so saving for retirement seems a lot like giving money to strangers. Once students or recent college graduates have income to make retirement savings possible, it's worth walking them through this Merrill Lynch-provided simulation.

Peter Muler | Cultura | Getty Images