How to teach teens about finances

Learning how to manage money is important at any age. Read on for six tips to teach your teen about finances.

It is imperative to teach your teens about the facts of finances. Here’s what you’ll want to keep in mind.

U.S. schools teach students algebra, calculus and trigonometry, but schools in only 21 states are required to teach teens a personal finance course before they graduate.1 Georgia, Idaho, and Texas are among the states offering financial education in their schools, and it’s helping young ones make better decisions. For example, credit scores in all three states had improved three years after the state-mandated education was implemented. And there are other benefits: Students who are required to take personal finance courses when they are young result in them seeking out lower-cost loans and grants for college, and they tend to accumulate more assets and net worth by age 25.2

Given these win-wins, it’s clear how important it is to teach your kids how to be financially fit.

Save and pay for school

Everyone knows that school is expensive — whether it’s college or trade school your young one chooses. However, having a post-secondary education opens many opportunities. So having one can help young ones grow into financially stable adults.

 

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