Many Students Don’t Know How to Handle Money…
Only 34% of teenagers know how to balance a checkbook.
29% of teens are already in debt. The average teen debt is almost $300.
People under the age of 25 make up the fastest growing age group filing for bankruptcy.
… but They WANT to Learn About Personal Finance
89% of teens want to learn how to make their money grow.
65% believe learning about money is interesting.
88% want to learn how to pay their bills.
85% do not want to have to rely on others for money.
88% want to learn how to stay out of debt
Only 34% of teenagers know how to balance a checkbook.
29% of teens are already in debt. The average teen debt is almost $300.
People under the age of 25 make up the fastest growing age group filing for bankruptcy.
… but They WANT to Learn About Personal Finance
89% of teens want to learn how to make their money grow.
65% believe learning about money is interesting.
88% want to learn how to pay their bills.
85% do not want to have to rely on others for money.
88% want to learn how to stay out of debt
These statistics are pulled from surveys by big banks for their own promotion but the bottom line is that the Millennial Generation, those born between 1981-1999, are the largest and least financially realistic generation ever.
Stepping into the role of a "Money Mentor" is not a formal commitment. It is simply the process of opening up the lines of communication with a teen in your life (son, daughter, niece, nephew, neighbor, etc...). Remember, their favorite form of communication is probably electronic, so be sure to reach them how they feel they most receptive.
Here are some websites to get you started and not one of them is sponsored by a bank!
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2 comments:
What a great idea. It's never too early to start.
I believe it should be modeled in the home and then taught at a very young age so that it's nothing new when they are teens.
Great post, Karen!
My son has wanted a CD, that is a money market CD since he was eleven! He will be my banker when he grows up. :)
Teaching kids about money is a vital part of their rearing, in my humble opinion. Yet, you are right, many kids leave without the knowledge of balancing a checkbook. I have a great book on all that, I will have to find it downstairs and then I will email you the name.
Talk to you soon!
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