Getting a job allows teens to experience the value of a dollar firsthand. Until now, money has primarily come from parents or guardians. Whether in retail, food service, or childcare, a part-time job teaches young adults the first financial literacy lesson: where money comes from and how to earn it.

Part of that is learning how to control your finances so they don’t control your life in a negative way.Īges 13 – 18: Building the Foundation for Financial SuccessĪs kids enter their teenage years, an exciting milestone awaits: your first job.

Every parent wants their child to have a happy and successful adult life.

Anyone can learn how to be a money master.

However, learning how to earn and manage money with responsibility and purpose is a crucial part of a young adult’s education. Some parents view a part-time job as a distraction from the more important business of academics and extracurriculars.

It’s a crucial part of your education.

Likewise, when you choose to spend money, it’s gone and can’t be used for other things, including saving or investing. If you choose to spend an hour of your evening watching TV, you can’t use that hour for other activities. Just as there are only 24 hours in a day, you only have as much money as you can make and save. 3 Money Tips for All Agesīefore we move into lessons for specific age ranges, here are a few things everyone should understand about money. If you have questions, our friendly employees have answers. We’re here to help young adults and their parents with youth and education savings accounts. Here in Bucks County, PA, The First has been helping generations of local families achieve their financial goals. From the importance of saving to build a credit history, understanding debt, paying for college, budgeting, and setting long-term financial goals, this article provides concrete tips for teaching financial literacy to the young adult(s) in your life. Are your kids ready to control their own financial destinies? With total student loan debt reaching 1.5 trillion last year, it’s more important than ever to teach teens and young adults the basics of personal finance.

Financial literacy for teens