A recent Wells Fargo Money Study revealed 83% of teenagers want to learn more about how to manage their money. To location this critical issue, Wells Fargo Managing Director of Advice and Planning Emily Irwin joins Wealth! to discuss how adults can effectively guide and support teens in their money education journey.
Irwin highlights the “direct conflict” between the high number of teens seeking money education and the reluctance of many adults to openly discuss money matters. She advises parents and guardians “start small” by introducing savings plans tailored to the teen’s wants versus their needs.
Irwin outlines three essential financial concepts that every teenager should master: savings and compounding, loan and its importance, and budgeting.
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