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Top 10 Mistakes Parents Make with their Teens’ Financial Education


  1. Think it’s not important now.

          2. Think they can be their sole source of a financial education.

          3. Think that a high school course on personal finances will be sufficient.

          4. Think their teen doesn’t think it’s important.

          5. Tip-toe around the subject of money.

          6.  Give their teen an allowance without any skills to learn to manage it.

          7.  Allow their teen to be free of any accountability or responsibility with money.

          8. Think that since they don’t have great money skills and they’re doing fine that their teen will be able to get along without money skills also.

          9. Think that they and/or their teen is too busy to learn to manage money.

          10.  Think that they and/or their teen don’t have enough money to manage.

Readers:  What are some mistakes that you’ve seen?  What are some ways to overcome these mistakes?

© WealthQuest for Teens, Ltd., 2011 All rights reserved worldwide.

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Comments

  1. It amazes me how many parents these days don’t take time to teach their children about managing money. They are doing such a disservice to their kids. It’s like not teaching them how to cook. Oh don’t even get me started on that one.

  2. Number 7 is definitely something I have seen a lot of. So many parents let their kids off the hook and cover for them that when they become an adult they have no idea how to take responsibility. They don’t know what accountability is. This really hurts them in the workplace later on.

  3. One of the biggest mistakes I’ve seen is the parents’ lack of financial awareness. Since children learn what they live, they learn to handle (or mishandle) money by observing their parents. Parents today need to be aware of all 10 mistakes you’ve listed, and correct them in their own lives–and the life of their teen at the same time. It’s never too late to learn.

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