Raising a teen is about as simplistic as splitting as an atom – anything but easy.
They often transition into a period where they tend to linger into a “know it all” phase. Everything becomes a lot more complicated and sadly this also filters into their notions of handling money. Why are teens bad with money?
If you are pondering this question, it is very likely that your teenage son or daughter is probably exhibiting some spending or budgeting habits that are as ludicrous as his or her taste in music or fashion sense.
While your teenager is in a rather transitional phase, they are enjoying new freedoms but at the same time it is more than likely that they are nurturing some toxic money habits. Various factors shape their financial perception.
For starters, media is a major influence. Nowadays most kids are part of a generation that is being reared and nurtured by MTV. They observe their idols wearing a lot of designer labels and their personalities become very brand sensitive. That being said it doesn’t help your cause that so many musicians (especially rappers) perpetually brag about money, fancy clothes and other material possessions.
Youth are impressionable and naturally also want expensive things – at any cost. They even go as far as guilting their parents for not having the financial capacity to satisfy their expensive taste.
Many homes place an emphasis on good values and morals but financial education is often overlooked – quite surprising since money management is one of the most important life skills that a person can acquire.
You would think that more families would place a bigger interest in bestowing sound financial advice upon their children – after all it would not only benefit the teenager but also the parent (soothing the burn on their pocket).
A glaring reality is that most schools are also responsible for our teen’s less than favourable financial know-how. They as well should be indoctrinating moneywise ideas into them from a young age. Schools place an emphasis on academia and even sports – this is all good and well but ignoring the financial realm almost entirely can be detrimental to the pupil’s young impressionable mind.
In all probability, your “little one” will graduate from high school without the foggiest idea of having a grasp on basic money lessons or how to create and adhere to a budget. Bad money habits that are developed at a young age can trail your teen into adulthood.
Make the effort to educate your child on money to instil good financial instincts. It may not seem like a big deal now but by doing so, you are not only empowering them but you can make a major difference in their lives to come.
