April is financial literacy month, and this year we’re focusing on creating a strong financial base early in life, because it’s never too soon to get started. Your teenagers are probably not yet financially literate, but they also have plenty of time to learn the basics. Here are a few lessons to help set them off on the right foot.
What is Financial Literacy?
Financial literacy means having the skills and knowledge you need to make sound decisions with your finances. It covers a wide range of topics, from balancing your budget to avoiding identity theft. Learn more about it in our guide to financial literacy.
Learn to Save
This is a great habit to start early. Saving 10% of your paycheck will give you a great safety net, and help you avoid credit card debt in the event of a financial emergency. Saving isn’t always straightforward though, so be sure to check out this guide to saving up.
The Impact of Summer Jobs
Short-term jobs can make a big difference in the way teenagers think about money. Even if it’s only a few paychecks, it’s an opportunity to learn how to save, how to invest, and how to set goals for the future. View our guide to see how summer jobs can make a difference.
Tips for Graduates
Once teenagers graduate, they’ll have a wide range of new options and opportunities. They’ll have to learn to manage debt and take advantage of workplace benefits. With the right knowledge, these are achievable goals. Start by reading our guide to money management for recent graduates.
Becoming financially literate early in life is a great way to keep making smart financial choices for the rest of your life—so it’s never too early to give your teens this advantage.