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The following article was published in our article directory on April 1, 2015.
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Teaching Financial Literacy to Teenagers

Article Category: Advice

Author Name: Peter Meads

The best way to foster a talent is within a person's first six years in life, but the best time to learn financial literacy is never indicated. However, neuroscientists have discovered that it is easier to make impressions on a younger brain compared to a mature one. They refer to the term "plasticity", which pertains to how well the brain adapts and retains certain information, habits and lessons. Plasticity is also the reason why learning a foreign language becomes difficult as you get older. Likewise, teaching financial literacy to teenagers is better started sooner than later. Anything that is impressed on a young brain will prevail until that person grows old.

Financial literacy among teenagers and children varies across the globe. A survey done among 29,000 15-year old students belonging to 18 countries showed that financial literacy among 15-year old American is behind that of teenagers in China, Poland and New Zealand. They, however, had a higher score compared to teenagers surveyed in France and Russia. Despite this, almost 20% of American teenagers in the conducted survey failed basic financial proficiency.

With these figures on hand, teachers and parents should consider teaching financial literacy to teenagers before these teens start earning. The teenagers who topped the survey were those who have good reading, mathematical and problem solving skills. These skills are best nurtured from ages 6 to 12.

It is a culture in most urban homes not to talk about money. Doing so is considered rude and invasive. However, parents need to talk about money with their teens and younger children. They have to determine the specific manner through which they can effectively approach the topic involving money matters. Teaching financial literacy to teenagers becomes easier given the proper tools. Teenagers hate to be confronted because it feels like their privacy is being invaded; instead, parents should tell them that it is time to learn about financial literacy given their age.

However, parents should avoid asking teenagers about their current savings and expenses. Equip them the knowledge, make them remember the lessons and they will use what they have learned voluntarily. In addition, parents should become role models for their children. Subconsciously, teenagers will pick up on their parents' money habits. There's no use teaching teenagers financial literacy if they see their parents often buying and getting tired of their purchase. If you are calculating your household expenses, let your teenagers help by, too.

The challenge in teaching financial literacy to teenagers is making the lessons or values stick to them. They could learn credit management at class, but years later, they will forget about it. Indeed the best way to learn financial skills is to apply them. Guide your teenager when opening a savings account. Teach them how to handle a balance sheet. Gradually explain to them what the current taxation bracket in your country is.

If they will open a mutual funds account or sign up for a health insurance, then provide them with useful and practical information on how they can do it. Teaching financial literacy to teenagers can be difficult, but with the help of current technology today and proper communication techniques, they will remember the lessons.

Keywords: Teaching Financial Literacy to Teenagers

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