How important is it for teens to know what a 401k is? Some may argue that they are just kids and should not have to concern themselves with financial related topics of this sort. I disagree. Teenagers are typically in high school or just entering college at this age. Therefore, they are learning content of all sorts. Why then are the basics of personal finance so neglected in this country at an early age? Doesn’t this topic touch almost every aspect of your life, for your entire life? Now don’t get me wrong, I do not want money to be the focus of your life, but it needs to be something that you can do well. Kind of like preparing a healthy meal, another often neglected skill.
According to recent research that went into the info graphic below:
- only 1 in 3 teens have a summer job
- only 19% of teens have a checking account
- only 1 in 10 teens are asked to be involved in household budgeting or paying the bills
- schools are given an F in financial literacy
The sad part is 52% of teens want to know how to handle their money. Why, if 52% want to know more about money, are teens not given more of a chance to use and learn about basic personal financial skills? Why do parents and schools not put an emphasis on providing this basic, important skill?
Do you provide opportunities for your children to learn about personal finance? If so, what do you do to keep them involved? If not, what keeps you from providing this essential need? Make your thoughts known below in our comment section.