Tools to help young people with finances
Money is a big topic in most households and there may be some important people who are not familiar with the ins and outs of spending.
According to Consumer Reporter Elizabeth Leamy, some great ways to start money talks with children are by meeting them where they are and lead by example.
You can introduce them to written budgets and get them involved in making their own, even with allowances at a young age.
If they’re using cell phones and technology, in high school and older, you can prep them with bank accounts that are appropriate for their age groups and grow with them.
Some apps and accounts, like the chase high school checking account, is co-owned with the parent, and helps parents monitor the account as the child is learning and maturing in finances.
“I think the thing is, if we can start these conversations and start these habits early, we are really preparing our young people for the future,” Leamy said.
Chase also has a college checking account that has more freedom, but still allows young adults to have an easier transition into a fully-mature account with fees and other aspects.
For more information on tips or finance advice for teaching the younger generation, click here.
