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The 5 most important financial lessons for teens

Parents with teenagers know nothing comes easy, including money management. But with young adults facings mounting levels of student loans and credit card debt, building a strong financial foundation early on is more important than ever. Learn how teens tend to spend and save, and consider teaching them age-appropriate money habits that can last a lifetime.

2. Understand the benefits of saving

Most teens save their money, and by putting a little away each month that can grow into big savings over time.

Saving $25 a month Saving $50 a month
1 year $300 $600
5 years $1,500 $3,000
10 years $3,000 $6,000

    Note: Numbers do not account for inflation or any account interest.

    4. Establish good credit

    Help your teen understand the risks and responsibilities that come with using credit cards and avoid stacking up debt in the future.

    Sources:, Experian

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    The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management. ©2024 Bank of America Corporation.

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