Get your kids on the path to building better money habits fidelity ad
For parents of teens, it may seem like everything is a learning curve. On one hand, they're entering adulthood, but on the other, they don't necessarily have the life experiences that help shape decision making. This could ring especially true for finances and money management. Yes, your teen may be responsible overall, but money management can be tricky — not to mention hard for a teen to wrap their head around long-term goals.
With that in mind, try to make money a less taboo topic in your family, and instead see it as a collaborative effort between parent and child to learn and grow together."We've seen multiple times through some of our studies that families who talk about money have better outcomes and more confidence," Boroff says. That's why thecan be a resource not only for kids but also for parents.
If they do want to start investing , Boroff says that it's actually a great time since there's less risk involved vs. somebody who's nearing retirement."You're not going to lose your nest egg; you're just learning," he says. This is also where something like thecomes into play and can be an invaluable resource for someone just entering the financial game.
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