Miljan Zivkovic/Shutterstock
You’ve supported your child since birth. But one day, they’ll need to leave the nest. And when they do, you’ll want to make sure they’re ready to face financial realities with confidence. Unfortunately, that may not be easy.
In fact, one in five U.S. teens lacks basic personal finance skills, according to research by the National Endowment for Financial Education (NEFE). But you can change that. By starting early, you can take a few steps to put your teen on the path to financial independence. So let’s get started.
Open a Checking Account for Your Teen
Your child may be earning some income through a part-time job, summer job, allowance, or a combination of these. But it’s important for your teen to park this money somewhere safe, such as in a checking account.
