Introduction
The teenage years are filled with important milestones such as learning to drive, earning a paycheck for the first time, or applying to college. While these moments differ and are unique in their own way, they all share one common factor: money. For many teenagers, these events will be their first opportunities to manage and understand this responsibility.
Teaching Teens and Gen Z about Money
For parents, guardians, or even educators, these milestones provide opportunities to talk openly and honestly about money. Discussions on topics like car insurance, saving money, or student loans can launch broader conversations about finances.
The Importance of Teaching Teens and Gen Z about Money
Although Gen Z has grown up in a world filled with social media and the internet, 39% of college graduates in June 2021 who were surveyed by Experian said that family members are still their preferred source for financial education. If you’re not used to talking about money or feel uncomfortable doing so, that’s okay. To give everyone a place to start – regardless of your financial situation or educational background – The Balance has created this collection of resources focusing on four key moments in teens’ lives: getting their first paycheck, starting to drive, preparing for college, and starting to build credit. Each section includes conversation tips and key topics to discuss with teens, along with recommendations for financial products.
Teaching Teens and Gen Z about Money via Social Media
We also spoke with education experts from nonprofit organizations like the Jump$tart Coalition and the American Public Education Foundation to get their insights on teaching teens about money. Additionally, two young individuals using social media to help teens embrace personal finance shared their thoughts on how to make financial topics engaging and accessible to younger generations.
The Importance of Financial Education for Teens and Gen Z
In a 2021 survey conducted by the National Endowment for Financial Education, Americans were asked how much money they estimated they lost in the past year due to a lack of financial knowledge. The organization estimates that financial illiteracy has cost Americans over $352 billion – or an average of $1,389 per individual. To start utilizing these resources, check out the following article in this series, or visit our content hub “Teaching Children and Teens about Money” to focus on a specific topic as the teenagers in your life approach a new milestone. With these tools, your conversations, and the power of social media, your teens will be well-equipped to manage money confidently.
Sources
The Balance only uses high-quality sources, including peer-reviewed studies, to support the facts in our articles. Read our editorial process to learn more about how we fact-check and maintain the accuracy, reliability, and quality of our content.
Conclusion
The teenage years and Gen Z are important opportunities to teach financial fundamentals. Parents, guardians, and educators can take advantage of significant milestones in teens’ lives to talk openly and honestly about money and foster their financial literacy. By utilizing available resources, engaging with education experts, and leveraging the power of social media, teens can become capable of managing money with confidence and knowledge.
Source: https://www.thebalancemoney.com/money-101-teaching-teens-and-gen-z-5205801
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