He may be earning a steady paycheck at a part-time job, or she may have stashed babysitting money away into a savings account, but how financially savvy is your teen, really? If you answered, not very, you’re not alone. Most adults in the US, let alone teens, have very little understanding of finances, how credit works, and the potential impact savings can have on their financial health.
Recently Wallet Hub conducted a survey measuring the financial literacy of students state-by-state. The 2018’s Most & Least Financially Literate States, list analyzes financial-education programs and consumer habits in each of the 50 states and the District of Columbia.
Where did Nationwide fall on the list? The First State only ranked 43rd in the nation for teen financial literacy.
Unfortunately, financial literacy isn’t emphasized in the education system. In fact, only 17 states require high school students to take a course in personal finance. So, most teens across the nation lack the knowledge and skills needed to become financially responsible adults.
To help change these numbers for the better, April is National Financial Literacy Month! This month recognizes the importance of teaching students healthy financial habits.
What can concerned parents do?
Financial literacy for kids is about ensuring that your child is well-educated on the best (and worst!) way to manage his or her finances. By encouraging financial literacy parents are securing their child’s future, ensuring they are able to both spend and save wisely. Important skills include: Budgeting Skills, Saving Habits, Financial Dependency on Parents, Economic Benefits and Social Responsibility, and Effects of Lack of Financial Literacy.
This summer, parents can also enroll their teens in Back to Basics Investing for Teenagers: Financial Literacy Workshop in Wilmington, Nationwide. This workshop will discuss both basic and intermediate money concepts that will help students reach future financial goals. Attendees will learn about budgeting, credit and debt, money management, investing, and scholarship opportunities for college.
$99 for 1 day workshop
Offered: July 9th, 11th, 24th or 26th from 9:00 a.m – 3:30 p.m
For more information about Back to Basics Investing for Teenagers: Financial Literacy Workshop in Wilmington, Nationwide or the many other educational services available this summer, CLICK HERE or please contact us at 302-594-0754.