Importance of teaching teenagers about the value of money by Guiding Guru … Mrs Tamanna Gyanchandani, PGT- Commerce



 

 

Are you worried about how much money your teen spends or their inability to save? If so, you're not alone. Here's what you need to know to help teach your teen money management and the value of money.

 

Importance of teaching teenagers about the value of money

 

The Big Young People’s Survey by Young Minds found that 72% of teens said they are ‘often’ or ‘always’ worry about finances. The good news is that teens say they want to learn more, with eight in ten saying they're more than open to financial education.

 


 

How does financial education help teach your teens the value of money

 

• It can help them to understand the basics of personal finance, such as budgeting and saving.

 

• It can help them to develop good financial habits, such as delayed gratification and resisting impulse purchases.

 

• It can help them to make informed financial decisions, such as choosing the right bank account, savings account and a pension plan.

 

Money management is an essential life skill that everyone needs to learn, especially teenagers. The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.

 


 

How to teach teenagers about the value of money

 

• Encourage them to get a part-time job
 
• Explain how earning relates to spending
 
• Set goals around savings
 
• Make them pay for their own items
 
• Be a good role model
 
• Have honest and open conversations about money
 
• Let them make financial decisions and weigh up the pros and cons
 
• Involve them in financial decisions 
 
•Talk about money-saving tactics


Reflection

 

Raising a teen is like walking a tightrope – you must keep a fine balance between guiding and liberating. As a parent, your job is to prepare them for the life ahead, groom them into responsible adults and show them how things are done right. Want to raise financially responsible adults with good money habits? Start talking about money when your kids are young.

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