Financial Literacy for Teens: Breaking the Silence

Introduction to Financial Concerns

During teenage and young adulthood, children begin to earn money and develop their first financial habits. However, many parents worry that these habits aren’t enough: 53% say they worry about their children’s financial future, and 71% say stress is affecting their own well-being. Despite this great concern, many do not talk to their children about money. Survey results found that 36% wait for milestones or the right moment to present themselves. About a fifth of respondents wait for children to ask questions about specific money topics, and another 16% didn’t talk about money at all.

The Impact of Social Media on Financial Fear

It’s not just parents who are afraid of money. Another report from early 2025 found that 64% of Gen Z respondents said they felt financially behind based on what they saw on social media. More than half (55%) also said social media made them feel like they were struggling. Lucianna Adragna, Vice President, Client Segments, Everyday Banking, says one of the best things you can do as a parent is to talk to your child about what they see on social media. By discussing their concerns together, you can help your child become more financially confident so that they are not influenced by what others say on social media.

Teaching Financial Literacy from a Young Age

Talking about money when your children are young, rather than waiting for milestones in young adulthood, will make it easier for you to tackle almost any money topic. Try to make money a natural part of the conversation and tailor it to your child’s age. For example, you can explain to young school children the difference between wants and needs – something they will definitely need to differentiate as young adults. As your children get a little older, you can explain concepts like budgeting and saving. These are great topics to address if you pay allowances to your children or if they receive money from relatives for vacations.

Including Children in Financial Conversations

As your children get older, try including them in conversations about money or big purchases, such as a family vacation. By making money a natural topic of conversation, you will teach your children financial literacy, which will help them become more confident with their money. You can also use everyday situations to teach your children about money management. For instance, when you’re at the grocery store, you can explain how to compare prices and make smart purchasing decisions.

Learning About Money Together

There are more resources than ever to learn about personal finance, and it can all be a little overwhelming. But you don’t have to be an expert to talk to your kids about money. If you’re unsure where to start or have questions about money yourself, consider relying on your bank. Many banks and credit unions offer educational resources on their websites, and some offer apps specifically tailored to children. You can have conversations about allowance, chores, and budgeting while giving your children responsibility for their own money.

Conclusion

The most important thing is to talk about money early and often. By starting conversations about financial literacy from a young age and making money a natural part of the conversation, you can help your children become more confident with their money. Remember, there’s nothing wrong with learning about money with your kids. By working together and using the resources available to you, you can help your children develop healthy financial habits that will last a lifetime.