Teaching teens about money

Some 75% of teens lack knowledge of personal finance basics. Parental guidance plays a big role in filling those gaps. Community programs can help too. Most teens have no trouble shopping and spending money, but they’re less capable at money management. “Most teens don’t know how to save money,“ agrees Houston teen Livi Walshak. “Right now a lot of kids start wanting stuff, like the latest games,“ says Kirk Louie, another Houston teen. “They should learn to manage their own money.“ A 2008 survey by the Jumpstart Coalition found that three-fourths of teens failed basic financial concepts. Yet there are some exceptions. Sean Paul Zamar is a 14-year-old who mows the lawn for extra money, and he’s already investing. “I thought that investing in stocks would be a good idea because hopefully if stocks go up and later on if I absolutely have nowhere else to go, at least I have money in those stocks With the help of my dad, he allowed me to invest some of his money and some of my money.“ Research suggests par