Four Ways to Improve Your Teenager's Money Management

 
 
 

Financial literacy among teenagers in the UK is plummeting.

Fortunately, it's relatively easy to promote good financial habits in your teenager, even if they are surrounded by more consumerist pressures than you ever had to contend with. 

1. Encourage Teenagers to Use Technology

The UK is going through somewhat of a financial technology boom at the moment and there is a whole load of easy-to-use applications out there that can help you and your teenager to manage money. One of our favourites is Revolut, which has a really slick mobile app and has features that enable you to manage save towards multiple goals and get real-time updates on your account activity.

2. Be Frank About Money

In the UK, we're a humble bunch who, perhaps unlike our American cousins, would rather shy away from talking about money if we can.  Families don't need to discuss money over the dinner table each evening, but simple things like letting your child know how much the weekly shop costs will go a long way, particularly when they are tempted to buy some overpriced tee-shirt.

3. Give Your Teenager Financial Responsibility

Unless teenagers feel a sense of ownership over the money in their own bank account, they're not likely to appreciate its value. Therefore, it's a good idea to ensure that your teenager has a bank account of their own from an early age. Seeing the numbers go up and down in their own bank account will likely lead them to reconsider that next extravagant purchase.

4. Let Teenagers Earn Their Money

Ultimately, we all make mistakes with our finances and subsequently develop better habits to avoid repeating those errors. However, it's only possible to truly learn those painful lessons if the money going down the drain belongs to you. Besides, gaining meaningful work and building workplace skills won't go amiss.

 

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With nearly 25% of young Brits in constant debt, it's clear that more needs to be done to educate  teenagers about personal finance.*
 

That's why we've built an affordable solution: our online personal finance course, Money Matters.
 

You can get it today for just £24 during its pre-sale (RRP £48). 

 
 
 
 

"24% of 18 to 30 year-olds live in constant debt. That's not a statistic we can ignore. This course is a step towards tackling the problem."

Heidi Hoskin, CEO of Adventure Learning Academy Trust

 
 
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About the Course

 
 

A little more information about our course...

  • The course has 3+ hours of video-based content and quick-fire quizzes that ensure teenagers immediately consolidate what they learn.
  • We don't inundate teenagers with excessive detail - we ensure they grasp the fundamentals of basic economics, personal finance, and long-term investing.
  • We offer all our customers the chance to participate in our revenue scheme and receive 25% commission on any successful referrals. You can get more details here.
     
 
 

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