By the age of 14 or 15, teenagers will probably have formed their financial habits, but there are still things you can do to help prepare them for adult life.
- If they normally only spend their money on leisure activities, get them to budget for essentials like food, travel and clothing.
- Teach them about the bills you get, how they're worked out and how they're paid.
- Be open about your money habits and mistakes. They'll be able to learn from the good and the bad.
- Prepare them for the unexpected. Show that sometimes costs come up which you need savings to cover. Giving them an example will make this all the more real and help encourage them to save for themselves.
"If young people are not provided with an opportunity to learn how to be responsible with money growing up, they'll likely make mistakes when the stakes are much higher." - Money Regrets Research, The Money Advice Service.