Financial Literacy for Children and Teenagers

In our previous issue, we shared some tips on how to teach your kids healthy money habits from an early age. In this issue, we will explore how to help your teens develop financial literacy skills that will prepare them for life.

13 – 19 Years Old

1. Teach Them Gratitude

Your teen is most likely spending a significant amount of time looking at a screen as they navigate through social media. Every time they go online, they watch the highlight reels of their friends, relatives, and even complete strangers. It is the simplest way to fall into the comparison trap. Contentment, on the other hand, begins in the heart. Tell your teen that what they have and what you can afford is sufficient and that they should be grateful for what they have.

2. Get them the responsibility of a bank account

If you have been doing any of the above, by the time your child is a teenager, you should be able to set them up with a simple bank account. This takes money management to the next level, perhaps preparing them to handle a much larger account when they become older.

3. Get them on a budget

Now is the time to get your teen in the habit of budgeting their income—no matter how small It is. They should learn the importance of making a plan for their money while they’re still under your roof.

4. Teach them comparison buying

Reading the price labels at the store with your child, looking at the size and price, and comparing the bulk amount per cent is one approach to teaching comparison shopping. Do not forget to think about quality. Buy brand-name cereal, for example, once a week. Try a generic brand the next week then, talk about the differences and decide whether the brand name is worth the extra money.

As a Bank that is driven to financially include young people in the formal banking system, we offer Savvy Kids for 0 – 12 year-olds and Savvy Teens accounts for 13 – 17 years olds that you can open for your children to help instil in them healthy financial habits. Below are the requirements:

- KYC Requirements

- Parent’s ID.

- Parent’s proof of residence.

- Child's birth certificate (or ID for 16-year-olds and above).

Email us at [email protected] to inquire about opening your child an account with us.

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