Beginning Financial Management for Young Teens
Thursday, October 9, 2014 12:20 PM

Teens and financial literacy

The financial environment, and the prevalence of near debilitating student loans for many young adults, makes financial literacy more important than ever. Teens need to be introduced to real-world financial management at a younger age than ever before so that they are capable of managing the burden of debt. Teens need to learn financial management in small chunks in the safety of home, before they, as young adults, are overwhelmed by even day-to-day financial management functions. Teens need to learn to walk, before they can run.

Cameron Saucier, of USA Today gives a breakdown of how to gradually step into financial management. He says that teens should start by opening a savings account to get a sense of how to deposit and withdraw funds and navigate the online banking sites. Then they can work up to online bill pay and credit card basics. He says, if teens ease into personal finances, they will be better equipped to tackle the challenges that come with more complex adult financial situations.

For more on how teens should learn to walk before they run with their personal finances, read the rest of the article here.