When it comes to talking to your kids about money, the first thing to know is that they’re not starting from zero.
If they’re on TikTok and Instagram, they’re getting money messages, and not necessarily the ones you would want—they may have heard more about the supposed benefits of crypto speculation and buy now, pay later apps than about the importance of diversifying investments or building an emergency fund.
“If parents aren’t advising and guiding their kids about money, the void will be filled,” warns Shahar Ziv, a Harvard MBA who started a personal finance bootcamp for undergraduates. He now runs sessions for high schoolers, too, and reports that many are keen to discuss the “fun, sexy stuff” of how to get rich through investing but don’t yet have a grasp of the budgeting, credit and savings basics that can help get them in financial shape to invest.
Here are four steps to help your teens build the smart money habits to reach their goals.