Basic Money Management Skills for Youth

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Teaching basic money management skills to young children through savings accounts is a great way to prepare children for the real world and the reality of debt. Show children the value of money by encouraging them to save money from allowance or odd jobs with help from a financial adviser in this free video on money management and financial planning.

Part of the Video Series: Credit Cards & Personal Loans
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Video Transcript

Hi my name is Matt McKillen I'm with Innovative Financial Group. I had a question posed to me today by a client what are the basic money management skills available for youth? It's really part of a parenting skill I think in some ways, but let's face it, our children usually do not understand the value of money but I do see that a lot of children do actually start savings account at a very age whether they're receiving gifts for birthdays or doing odd jobs. With parents helping guide them, I've seen quite a few children be able to build quite a nest egg up into their teens to where they can actually go out and purchase their first automobile without having to fall back on the parents. So these skills can actually be embedded at a very young age. Helping children understand the value of money, making them understand about debt, especially as those teenagers go into college the saddest thing that I can see which I see happen quite a bit is once a child gets into college, it seems like every credit card company in the world out there wants to extend them a credit card and I think it's really a poor way to start out their business career when they get out of college is to be overwhelmed in debt. I mean student loans are tough enough as it is. So if you take these skills and work with your children at a very young age, I really think that they can actually learn to appreciate and manage their money as they grow up into young adults. Again my name is Matt McKillen and I'm with Innovative Financial Group.


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