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Tips for Teaching Teens About Money

October 2021

As your children grow into young adults, you can help them learn how to manage their finances. In addition to setting a good example, here are a few key things to focus on to encourage responsible money management.

Emphasize budgeting

If you haven't already, get your teens in the habit of budgeting their income—no matter how small it is. Help them learn the importance of making a plan for their money while they're still under your roof.

Give them the responsibility of a bank account

Most children likely have their own savings account by the time they complete middle school. Once they enter high school, consider adding a chequing account with a debit card. This takes money management to the next level, preparing them to manage a larger account when they get older.

Teach them about credit cards and debt

Once teens turn 18, they become inundated with credit card offers. Before this happens, it's essential they learn to be wary of debt and understand that credit is not free money.

Get them saving for post-secondary school

Now is the best time for your teens to start putting money aside for college. Encourage regular deposits in their own bank savings account or an In Trust For (ITF) account that you open in their name. Your teen will feel like they have skin in the game as they contribute toward their education.

Unveil the magic of compound interest

Albert Einstein famously described compound interest as "the 8th wonder of the world." Introduce your teen to this formula for accelerated savings, and they'll get a head start on preparing for their future.

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