Help your teen with money management and get them on the road to financial independence and success!
Ensure a Financially Secure Future for Your Child
It’s never too soon to start preparing for your little one’s future because it will come round far quicker than you think! Whether you have a newborn baby or a ‘tweenager’, knowing how you are going to help and support them at different stages of their life is important.
There are several ways in which you will do this. Some will come more naturally than others – and they will all change over time. But one of the most important aspects is money because, believe it or not, one day they will be financially independent and you will be able to spend your money on yourself again.
Obviously at the moment, whilst they are young, you are going to support them financially, but at what point do you stop? This transition from financial dependence to financial independence needs to happen over time, as they are growing up. Otherwise, if you haven’t taught them about money, they won’t be prepared for the day you stop paying their way.
Take this quiz from the experts at Money Advice Service, to help you think ahead and prepare for that day when you stop financially supporting your child.
If they are old enough, get them to take it as well to help them understand the importance of money and why it is vital to feel financially secure without relying on you!