Teens Need Financial Training
Did you have a job when you were a teenager? I did. At 13 I was operating rides at an amusement park!
Today, only 1/3 of Americans between 16 and 19 have paying jobs. More time is required for academics, extra-curricular activities, and service hours. And, more schools now run year-round.
Many churches offer valuable summer mission programs but those impact full-time summer jobs as well. And, now there’s increased competition from older workers.
As a result, teens are missing out on valuable financial lessons. Many don’t understand that God owns everything and they are stewards of what He provides.
Their decision-making skills need trained through experience and self-discipline needs exercised for future strength.
Give children the responsibility for making financial decisions. Provide a budget for clothes or school supplies. Require them to buy gas if they drive. They’ll learn to prioritize a couple of gallons of gas over their favorite latte. They’ll benefit from their mistakes IF you let them suffer loss.
Discuss income and expenses. Show them how to budget. Show them the cost of fast food compared to home-cooked. Plan meals together.
Encourage them to save by matching their deposits if you can. And, encourage the habit of weekly giving.
A survey from T. Rowe Price showed that young adults who discuss money with their parents are more likely to have a budget, an emergency fund, save 10% or more of their income and have a retirement account.
It can make a difference in your family!
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