Teenagers and money. The two go hand in hand, and if you have a teenager living in your house, chances are you've had more than a few conversations about money. If you want to increase your chances of having a positive and open dialogue about money with your teenager, bring up the subject often and take advantage of teachable moments.
Financial experts have long lamented the lack of quality personal finance education in schools. But the fact is, you as a parent are primarily responsible for teaching your children about money. Fortunately, the Jump$tart Coalition for Personal Financial Literacy has developed a set of standards for educators and administrators that are a great resource for parents, too. The National Standards in K-12 Personal Finance Education represent the framework of a comprehensive personal finance curriculum addressing six broad competency areas.
- Spending and Saving: Apply strategies to monitor income and expenses, plan for spending and save for future goals.
- Credit and Debt: Develop strategies to control and manage credit and debt.
- Employment and Income: Use a career plan to develop personal income potential.
- Investing: Implement a diversified investment strategy that is compatible with personal financial goals.
- Risk Management and Insurance: Apply appropriate and cost-effective risk management strategies.
- Financial Decision Making: Apply reliable information and systematic decision making to personal financial decisions.
Ideally, you will have already addressed some of the basic issues listed here so that these six areas can be a natural extension of those foundations. If not, don’t sweat it and start where you are. After all, it’s never too late to develop healthy money habits.
Ally Bank Is Here to Help
The words "teenagers and money" can be enough to make a parent panic. Take comfort in knowing you're not alone. Choose the convenience and consistently competitive interest rates from Ally Bank and show your kids what smart financial decisions look like. Learn more by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
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