Did you know that 42 percent of teens who dont manage their money arent interested in money management? Despite this, 86 percent still think theyll be as financially well-off or better off than their parents.
Time for a reality check.
The numbers come from the annual Teens and Personal Finance Survey conducted by Junior Achievement and the Allstate Foundation.
April is Financial Literacy Month and the Illinois CPA Society offers suggestions on how to talk to your kids about money:
Communicate Include your kids in your conversations about family finances. Help them build a better understanding about saving and budgeting through real-life examples like why there will be no vacation because the roof needs to be repaired or being able to buy a new car because you saved for it. Encourage them to participate when you sit down to pay bills and explain what you are doing.
Be a role model Take a good look at what you do and say when it comes to money. If it seems to flow freely without any questions or concerns, then your teen might make the assumption that it will always be there. Think about the attitudes on money you convey.
Provide positive reinforcement When you talk money, the topic shouldnt be all doom and gloom despite the current economy. Make the connection between the right decision and a reward. Compliment your teen on their wise money moves not just their mistakes.
Also, dont forget to direct them to Lance Barnards site http://teensguidetomoney.com, as mentioned in yesterdays post.
In Chicago, to recognize Financial Literacy Month, there a number of events open to the public. The Federal Reserve Bank of Chicago has organized Money Smart Week Chicago. From April 17 to 24 there will be more than 450 classes, seminars and activities. Go to http://www.moneysmartweek.org for more information.