As an investment person, I tend to focus on a small but essential portion of the financial literacy spectrum.
Still, I am often asked about financially literacy in general and, in particular, about financial literacy for young people. As a result, I am constantly on the outlook for tips, books, and good posts in this area.
This is one of the best I've come across in a long time:
TEACHING TEENS ABOUT MONEY
The best thing I like is that it is hands on. For many teens, financial literacy taught in a class room doesn't work. Simply, balancing a hypothetical checkbook is boring compared to one's own checkbook. Also, I find it interesting that the post recommends USAA. I constantly hear about their superior customer service.
If you have a teen at home or know of someone who does, I would recommend this approach. It can go a long way towards building financial literacy as well as self-esteem. Help your teen learn the basics, and it will pay tremendous dividends down the road.
As an aside, if you can point out the ridiculousness of the Kardashian offer, it even increases their knowledge of what they will come up against as they enter the adult world and the kinds of offers that get people in financial difficulty.
I guess the learning starts as soon as they start receiving an allowance. However, that is not a guarantee that they will turn out to be smart with money, some people just love the "joie de vivre" regardless of cost!
ReplyDeleteNo way would I give a teen a credit card. Prepaid credit or debit cards are the only way to go. When the money is gone its gone. The first lesson in the school of hard knocks.
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