Finance for Teens – Should Financial Education Be Taught In Schools?

I will be the first to tell you that when I was in high school, I had very little interest in learning about money management. That said, I certainly had an interest in money.

When I turned fifteen, old enough to get a work permit, I got a job at a local pet shop.  Like most teens I was excited to have extra money to spend, but fortunately my parents curbed my spending habits the good old fashion way…bribery.  This was the deal: If I wanted a car when I turned 16, I had to save for it.  Every dollar I saved, they would match towards the purchase. Very quickly, I began saving almost every penny I made, and by the time I was 16, I had saved $3,000. (Keep in mind minimum wage was $3.75 an hour)  While the promise of something in the future, my first car, was enough to motivate me to save, I had no knowledge of compound interest or other long-term saving principals, nor did I have any idea of how a car loan or credit card worked.  It wasn’t until later in life that I learned from experience how these important principals.  Read more…