By Megan Roessler
Teens aren’t known for always making the best choices. When money is involved, “It’s good to do that in a safety net,” says Amy Crowe, a financial education specialist at Summit Credit Union. Well-versed in helping people of all ages develop responsible financial habits, Crowe offers her two cents on how to talk to teenagers about money.
Share the ’why’ behind your choices.
“Teens see us buy, but they don’t see the thought process,” says Crowe. “They also don’t actively see money being saved.” Explaining your choices will help your teen to understand financial priorities and build critical thinking skills.
Once they have a checking and savings account, Crowe says, “Downloading a mobile banking app can help your teen to visualize their goals and habits.” Plus, most apps offer added conveniences like mobile check depositing and immediate money transfers.
Know your family.
Having a steady income or looking at colleges indicates your teen is ready to open a checking account or talk about student loans. Crowe says that, “As with most things, ‘readiness’ depends on the individual,” and you’ll know when it’s time to talk about the next stages of financial responsibility.