Talking the money talk with teens

Many high school teens simply don’t know as much about money as they should…and without parental guidance they may graduate right into financial ruin. A lot of them don’t really understand the difference between a gift card and a debit card, don’t know how to write a check, have never considered a budget, and while they have a mild understanding of credit, they certainly don’t realize that it’s not like bumming five bucks off a friend for lunch with the promise to pay them back…someday…(while secretly hoping they’ll forget)!

As a parent, are you a little afraid to talk to your kids about money? Could it be because you don’t really understand it all yourself? Phillip Kim of AXA Advisors Southwest in Scottsdale has found that aside from the birds and bees, the money talk is probably the most uncomfortable for parents, especially if we aren’t comfortable with our own level of expertise on it, or if we grew up in a household where discussing money wasn’t considered appropriate. But Kim says it’s important now, as fall approaches and another year of school begins, to sit down with your teens and talk about a couple of concepts.