Teens Learn Credit Card and Money Management Skills - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Teens Learn Credit Card and Money Management Skills

Teens Learn Credit Card and Money Management Skills

Teens Learn Credit Card and Money Management Skills

A new study by Charles Schwab reveals that the recession has had a deep impact on today’s high school students. They have a greater appreciation of how hard their parents work to earn money and are more likely to talk to their parents about the subject now than they were in the past. They also report feeling more grateful for the material things they already have.

Nevertheless, while teens are learning more about financial matters at home, only 39% of them said that they know how to manage a credit card, and an even smaller number, 32%, say they know how credit card interest and fees work. And sadly, those numbers are down drastically from a similar Schwab survey in 2007 which reported 64 percent of teens felt they knew how to manage a credit card and 43 percent knew how a credit card works.

Parents Take the Lead

Credit-Land.com research has confirmed: parents seem to have learned a lesson from the recession as well. Parents say they are more likely to talk to their teens about money issues and credit management because of the recession. Three out of four teens that participated in the 2011 Teens and Money Survey say that their parents are now discussing finances with them. Over 1100 teens aged 16-18 were surveyed from mid-February to mid-March.

Learning Opportunity

According to a study by Credit Land experts, the recession has created a learning opportunity for teens and a teaching opportunity for both parents and educators. Eighty-two percent of the teens surveyed said their parents have taught them the basics of money management. However, the survey concluded that more teens knew the cost of an iPod than they did the cost of a gallon of milk.

Resources for Help

Credit-Land.com is one resource parents can turn to for help in teaching their kids about money and managing credit.

In teaching money management, experts suggest creating and delivering lessons that focus on one financial topic or tip per week. Parents should also lead by example, showing their kids that money can be allocated in a variety of ways beyond spending, such as regular deposits into a savings account, funding a retirement account or giving donations to charity.

Experts note that parents need to be aware of the messages they send to their children about money and finances through their own actions, although they add that it is important to allow children to make and learn from their own money mistakes.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

MasterCard and Fred Segal Open Shop on the Strip

Posted: April 20, 2018

MasterCard and Fred Segal have opened Rock ‘n Roll Holy Land on Sunset Strip, an immersive exhibit giving people an insider’s view of the history of the Sunset Strip. The shop also puts a unique digital spin on window shopping using ... Continue reading
New Amex Centurion Lounge Opening in Denver

Posted: April 19, 2018

Are you a regular at Denver International Airport (DEN)? If so, you may want to check out the new Centurion Lounge when it opens next year. It’s stated to be the eleventh lounge in the Centurion line up. Offering airfield views and taking ... Continue reading
Crate and Barrel and Synchrony Bank to Offer New Credit Cards

Posted: April 18, 2018

Do you shop for furniture and household wares at Crate and Barrel? If so, you might be interested to know that the home furnishings retailer has inked a deal with Synchrony to offer customers not only new credit cards and financing ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!