How to talk to teens worried the cash won't add up
| Published date | 03 April 2024 |
| Publication title | Evening Chronicle |
Asked to imagine their lives at 30, more than half (55%) said they believed things would be worse for them compared with previous generation's lives, with nine per cent even saying they felt "hopeless" about the future. Some 19% of the teenagers polled said they struggle with money worries.
With many households feeling the ongoing strain from the cost-ofliving crisis, and lots of families struggling with energy and food bills - as well as rising housing and university costs - it's perhaps little wonder young people are so worried about finances.
"Money has become a significant source of anxiety for young people in the UK, particularly in the context of the costof-living crisis, but not just limited to this," says Lesley Thomas, founder of
TEACH THEM Personal finance Rachel
The Money Confidence Academy and host of the Let's Talk Money and More podcast.
"This crisis has been heightened due to existing financial pressures, making it even more challenging for young people to contemplate their financial futures."
So, how can parents and carers talk to teens about finances, and help them build more moneyconfidence?
Normalise talking about money It's crucial to approach money conversations with teens in an open, non-judgmental manner.
"Start by creating a safe space, where they feel comfortable expressing their concerns and asking questions. Parents could include teens in budget conversations, whilst using reallife examples and relatable scenarios to illustrate financial concepts, making the discussion more engaging and accessible to them," says chief financial wellness coach and CEO of Roots to Froots, Arlyne Chinyanganya.
TO SAVE: expert Kerrone
Teach them about budgeting There are many actionable steps you can take to help teens build their money confidence, says Rachel Kerrone, personal finance expert at Starling Bank.
"One way is letting them take over the household budget for a day or week," Rachel suggests. "However scary, giving them autonomy over finances is the best way for them to learn and build confidence. You can start small by setting them a specific task to manage money for, like a family meal or weekly shop."
However them finances is for them build Finance
Encourage a positive mindset Rachel adds: "Another practice to instil positivity around money...
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