Teaching your teenaged kids about financial independence should be done sooner, rather than later, according to best-selling finance author Scott Pape – also known as The Barefoot Investor.
“No teenager in their right mind – no matter how studious they are – wants to become financially literate,” Pape told Mamamia. But this doesn’t mean parents shouldn’t try to teach them.
In fact, the author insists that once they reach the age of 15, parents should force teens into a job.
Pape is is adamant that working is the only way teenagers can grow to truly appreciate money – even if part-time jobs generally come at the cost of parents’ time and energy, as working odd hours in places such as fast food restaurants, generally means transport becomes their responsibility. But the pay off is significant, as kids can learn first-hand about financial fundamentals such as budgeting and superannuation.
“No matter what school they’re at, you are not getting a great education if your teenager isn’t flipping burgers somewhere for the minimum wage,” said Pape.
Which is why Pape believes in ‘The school of hard knocks’ as an integral part of a child’s education. He explained that financial entitlement breeds financial laziness, which doesn’t bode well for the inevitable time when the ‘bank of mum and dad’ closes its doors.
Pape naturally isn’t advocating full-time work, but just enough hours so that the basic principles of money can be instilled.
“It’s not about the money, it’s about learning the value of a buck,” he said.
Top Comments
Don’t send your kids to school early, let them be kids. But make them get a job at 15, they need to learn to be independent. Make them play sport, it makes them better members of society. But don’t overschedule them, you’ll ruin their childhood. Don’t let them watch screens,they’ll be antisocial and fat. But teach them to code. Technology is the future. Let them play in the street, nobody ever died from a little freedom. Except when they did and it was the parents’ fault (who lets kids walk to school by themselves?)
Absolutely!!! I came from a moderately wealthy middle class family (my folks had no education, no family money, but managed to start and run a successful business)........ from 15 it was absolutely expected we work to pay for the extra luxuries teenagers want (fancy jeans, hair colours etc). My folks wanted me to understand that if you want to have money, you need to earn it. I also worked right through my year 11/12 studies and still got a great score, so that’s an excuse parents and kids need to stop hiding behind as well. Plus that teenage work experience serves you very well when you start loooking for work as a new grad as the future employer can already see you are willing to work.