How can parents manage life in December to maximize the joy and minimize the tears? Here, our top ten tips for creating a season of meaning and wonderful memories for yourself and your kids
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Teens want something a lot more valuable than the “feel good” stuff - they want to know about money! And, they are looking for their parents and guardians to coach them on the subject.
According to the Charles Schwab 2007 Teens and Money Survey, “(56%) are concerned about their parents or guardians financial well being.” This response indicates that teens are aware of the financial stress that their parents or guardians may experience. If there is concern about credit card debt, college or retirement savings or budgeting in the home - teens are aware that this is an issue.
The survey further concluded that teens are “motivated by their parents’ behavior.” To piece it together through the eyes of a teen, if credit card debt is a source of stress in the home, they will be aware that the adults have this problem. Yet, if adults continue to prefer use of credit cards over cash…. so will teens!
As many parents / guardians are aware from firsthand experience, teens taking on adult financial behavior includes taking on debt.
It is no surprise that this optimism for the future surpasses practical financial experience, in teens. Most of them are getting money from gifts, or entry level jobs and enthusiasm for a good financial future is important. It will help to carry them through the challenges headed their way, as they become mature, financially independent adults.
Self-admittedly, the teens in the survey were honest about their lack of financial savvy. A decrease in the areas of teen’s self-knowledge in budgeting, saving and investing was reported (down from the teens in the 2006 survey). So, when it comes to money, teens are optimistic, but realize they still have something to learn!
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