If you have teenage children then you may realise how tricky it can be to teach them about anything. They can often think they know better than anyone else and often their parents are the last people that they want to take advice from. However, it is really important that they have a good and therefore it is good to teach them about it if you can. There are methods that you can try to use which might be handy though.
Buy Them a Book
It could be easier to buy them a book, rather than trying to talk to them about money. Some children are more likely to read a book than others. If you think they will be unlikely to read it then perhaps direct them to a website instead. There are books aimed at children at this age, such as finance textbooks or there are slightly more fun books about teenage millionaires etc. Anything that can get them thinking about money and how to make wise decisions with money can be useful.
Open Them a Bank Account
If they have not already got a bank account then open one for them. Younger teenagers will only be able to have kids’ savers accounts but older ones may be able to have a current account. It can be a good opportunity to talk to them about interest and the difference between different types of savings accounts as well as what they might pay in interest. Having an account may help to encourage them to save some money and they will learn about interest as well. You may be able to expand the discussion a bit too and chat to them about budgeting etc as well.
Give Them Pocket Money with Conditions
Pocket money can be an opportunity to teach them how to budget their money. For example, you could give them pocket money but state that they can only have it if they buy all of their own clothes. Obviously, you would need to give them enough to cover this cost. This will allow them to think about how much clothes cost, what they need and how they will have to spend carefully to make sure that they have enough for everything that they need to buy. Make it clear that you will not help out. If they are at school, it could be wise for parents to buy the school uniform as this is something that they will have to have.
Try to Sell Them the Benefits of Good Money Management
Talking can be really useful and perhaps starting off a conversation in a way that can draw them in will be helpful. Perhaps mentioning how you could become a millionaire by just saving a bit of money each month which might make them interested. It can be harder if they are not money motivated but you might be able to work it in to something they are interested in. It is worth trying to think of a way to get them interested and you may perhaps need to try lots of different techniques to find one that will work.
Teenagers may learn a bit about money in school, which is more than most parents will have had, education wise. However, it may not be enough to get them really thinking about money. It can be great to try to make sure that you get them talking about it and try to teach them things. It is not always easy to engage with them but it is well worth trying different things to see what works.