NEW YORK (4/30/13)--Do money talks with your teenagers begin and end with "How much do you need ..? One expert says, don't tell teens what they need to know--show them (Money May).
Being a good financial role model may prove challenging. Only two of five U.S. adults admit they have a budget and keep close track of their spending, according to the 2013 Consumer Financial Literacy Survey by Harris Interactive Inc. And about four of 10 adults give themselves a grade of C, D, or F when it comes to money knowledge, a statistically significant change from 2010 when almost two of three adults (65%) gave themselves an A or B.
Despite the sobering statistics, there are plenty of activities that teach teens what they need to know. Beth Kobliner, personal finance commentator and journalist, and a member of the President's Advisory Council on Financial Capability, offers these suggestions:
Finally, remember that the real world is a far better teacher than most high school math assignments. Make your teens responsible for personal items such as new clothing, shampoo and snacks. This teaches the valuable lesson of searching for bargains to stretch the value of their own dollars.
For more information, read "Teach Teens Financial Responsibility" in the Home & Family Finance Resource Center.