Talking with teens about money is as important as speaking to them about any other life challenge. With that in mind, we've created The Money Talk guide to make it easier for parents to help their teens get familiar with finances and jump into adulthood with a sense of financial independence.
Encouraging Financially Independent Adults
If you feel unprepared to talk to your teen about finances, you aren't alone. BECU's Finance and Parents Survey of 1,000 consumers discovered:
While respondents agreed that parents should lead the money talk, three in four parents believe that a financial professional is actually the best resource for teaching their kids. Full results from BECU's Finance and Parents Survey are available here.
Guide to the Next Big Talk
A simple conversation using real-life examples from your experience with money can get your teen started on a journey toward financial independence.
To help, BECU created the Money Talk Guide:
Part 1: Conversation starters and questions for parents and teens focused on the four pillars of financial health: spending, saving, borrowing and planning framework
Part 2: four activities for parents and teens to do together to reinforce the four pillars of financial health
To get started, click below or download a printable version – be open, be honest and have fun!
If Spanish is your first language, we have a translated version available here.
The Four Pillars of Financial Health
Managing cash flow and spending less than your income to save for future expenses and help deal with unexpected events.
Building up sufficient savings to cope with the unexpected, like a car repair or a sudden drop in income. A strong savings account also means you can take advantage of financial opportunities like investing or education.
Managing your debt responsibly to avoid getting overwhelmed by late fees or payments, which impact your credit score and can lead to further financial problems.
Planning ahead by setting goals, preparing for expenses and obtaining insurance are important fundamentals of positive financial health, now and in the future.
BECU, Teens and Day of Service
At BECU, we are inspired by the belief that teaching healthy financial habits early helps teens make more educated saving and spending decisions. Once a year for our Annual Day of Service, BECU employees bring financial education into communities by working with high schools in our local communities.
We offer a variety of free resources to help you and your teen continue on the road to financial independence: