Money Management for Teenagers
Teenagers are preparing for financial independence. Here's how to prepare them.
Budgeting Basics
Help them create a simple budget. Income (pocket money, part-time job) minus fixed costs (phone, transport) equals what's available.
Part-Time Jobs
From age 13 (with restrictions) to 16+, part-time work teaches valuable skills. Discuss balancing work with school.
Understanding Payslips
When they get their first job, explain tax, National Insurance, and what the deductions mean.
Banking Independence
By 16, teens can have more independent accounts. Discuss overdrafts and avoiding debt.
Saving for Goals
Whether it's driving lessons, a gap year, or university, help them set and track long-term savings goals.
Online Safety
Discuss online scams, phishing, and protecting financial information.
Credit Explained
Before they turn 18, explain how credit works, including credit scores and the dangers of debt.