Teaching Teens Money Management Basics

CBS Atlanta

This article is provided and sponsored by:
ClearPoint Credit Counseling Solutions
_____________________________________

Stroll the shopping mall during a weekend and you’ll see streams of teenagers. They’re in clothing stores, fast-food restaurants, nail salons, video stores and other shops. They certainly know how to spend money, but do they know the value of money?

Maybe not. A 2007 survey of teens by Charles Schwab & Co. found less than half (40%) are able to budget their money effectively. Only one in three could read a bank statement, balance a checkbook and pay bills. While 45% of the teens surveyed know how to use credit cards, only 26% understand how credit-card rates and fees work.

If you’re the parent of a teen, your son or daughter would benefit from guidance on how to manage their finances. The Schwab survey reveals that most teens (more than 80%) want to learn more about budgeting…

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