(WIFR) – If you have a teen looking for a summer job, now is the time to talk to them about smart ways to handle their earnings.
According to the National Financial Educators Council, around 70% of students don’t have access to financial literacy classes in school.
Jeff Lewis, a financial advisor with Savant, says that can make things hard when people start making money.
“Students need to know about it and, for whatever reason, we’re just lacking in that area,” Lewis said, “And I think we’re doing good work and good progress within school districts to take the next step in that area, but for students who aren’t getting access to those resources, I would encourage them to go online.”
Opening a bank account, knowing about savings and learning about credit are all parts of growing up in the modern age.
Gina Caruana, Northwest Bank‘s head of retail, says parents should begin conversations about finances before teens bring home their first paycheck.
“As you are doing things at home, you’re online banking or you’re paying a bill, involve your child in that,” said Caruana.
When opening accounts, Caruana recommends families start slow. She says without proper financial skills, young people can quickly dig themselves into holes.
She shares the following tips for families and teens:
- Understand the difference between credit and debit cards
- Discuss the importance of keeping financial information safe and secure
- Be smart about building credit and make sure to pay off credit card balances
- Open a savings account
“A savings account isn’t as transactional, doesn’t have a lot of fraud associated to it,” Caruana said. “As you start to build and go closer to maybe having a job and needing to have a debit card and things like that, then you make the next steps.”
Lewis says there are resources available for those looking to expand their financial literacy. Both Lewis and Caruana recommended Greenlight to help parents teach kids how to spend money and manage balances.
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