Parents with teenagers know nothing comes easy, including teen money management. From helping your child open a bank account to paying an allowance, you may start to feel like your child’s employer, teacher and financial advisor rolled into one. See how kids tend to spend and save, and consider teaching them some good money habits that could last a lifetime.
How teens manage their money: What parents need to know
Earning money—whether it’s from an after-school job or an allowance from chores—can give teens a sense of independence and maturity. While they may be eager to buy things, it’s important to teach your teenager money management lessons early. Concepts like budgeting and saving are likely to last long into adulthood.
If you’re interested in opening a savings account for or with your teen, Bank of America offers a number of options.