Teens Should Learn Personal Finance from Parents, Teachers

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A few years ago I taught a one sememster high school senior level class in economics. One activity we did was divide the class into groups of about five. Each group represented a twenty-something couple -- they drew for income, then had to find real Albuquerque-area jobs that paid that. Then they drew up a budget for that couple, after first having the class list necessary items. Weekly they'd draw for an event -- car accident, shortened work hours, even pregnancy -- that could affect a couple. They had to plan for adjustments to allow for these. The students said it gave them a better idea of what would be facing them in a few years.

Jerry Wesner of NM 7:14PM February 21, 2012

I think most kids need to talk to parents about a savings account. It really helped me get to where I am now. I started off with $266 within 2 months of getting it. I have had my account since I was 12 years old. It really helped my life.

Cary of TX 9:05PM February 09, 2012

And what if the parents aren't good with money?
Financial education should be part of the school curriculum.

Donnalane Nelson 12:52PM January 23, 2012

I agree 100% that kids and teens need to learn to manage the money they have now so that they are better prepared when they leave home. I also like your focus on the combined efforts of parents and teachers. As a mom of four and a former teacher myself, I can definitely see the benefits and possibilities of working together to achieve financial literacy.

Pam at MoneyTrail of GA 8:24AM January 23, 2012