According to a new study by ING, 87% of teens say they don't know how to handle money. That's a scary statistic seeing how in just a few short years these kids will be out in the real world with real bills of their own.
College kids get bombarded with credit card offers. They also become prey to offers that they can "take out extra" on student loans to cover their living expenses. When kids don't know how to manage their money, they can go into debt fast.
For high schoolers entering into the working world, they often don't fare much better. Earning those first real paychecks with no idea how to save or set a budget can lead to kids going wild with their spending.
Part of disciplining children means teaching them the skills they need to be prepared for the real world. Money is definitely something kids need to know about in order to be prepared for their adult lives.
So parents, learn how to start teaching your kids about money. Schools don't teach this. Your kids won't learn it on their own.
It's important to teach kids about how to establish a budget, save money, spend money, and reach financial goals. Kids need to know about bank accounts and investing too. And remember, it's never too early to give kids chores to give them a chance to start earning money.