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This blog is brought to you in partnership with Greenlight, the all-in-one money app for families.
 

When it comes to financial literacy, kids and teens want to do better. A Greenlight survey shows that 93% of teens believe they need financial knowledge to reach their goals — and 97% of parents agree.

If you’re thinking, “Am I right for the job?” Greenlight’s survey says definitely: 75% of teens say parents are their #1 trusted source for financial information. Let’s make learning money management fun, and set your kids on the path to financial stability so they can live their best life.

 

Why financial literacy is important

According to the National Endowment for Financial Education, 80% of adults wish they were required to take a financial education course during high school.¹ When you understand personal finance basics like credit scores and interest rates early on, you can avoid money mistakes — like taking on massive student loan debt without a plan. 

You can use tools like Greenlight to help your kids improve their financial knowledge. From earning to gaming, read on to discover ways to make learning about money extra memorable.

 

6 ways to teach financial literacy to kids and teens

Let’s get the financial fun started by talking through important money topics. From debit cards to direct deposit — your kids and teens will be financial pros in no time.

1. Put practice into play.

Learning about money doesn’t happen overnight. You have to keep up with your good money habits to keep building strong financial literacy. The best way? Greenlight Level Up™, the interactive, in-app financial literacy game. It’s fun. It’s rewarding. It’s everything your family needs to celebrate and learn about money.

2. Earn money by doing chores.

Last time we checked, money doesn’t grow on trees. You’ve got to earn it, and according to a recent Greenlight survey, 50% of teens are already learning how to do just that. Start by looking around the house. Are there any chores your kids and teens could help with? *Gestures broadly*

With Greenlight, you can assign recurring chores, automate payouts, and more, right from the app. When money — and life-long money skills — are the reward, they’ll practically run to walk the dog or put away those dishes.

3. Discover ways to make money as a teen.

Does your teen have big savings goals, like a new car or college tuition? Mowing the lawn might not be enough to cut it. Dad jokes aside, your teen can start making money today and reach their goals even faster.

On the shortlist of ideas: Sell clothing or other unwanted items, work at a clothing store (hello, special discounts), or become a tutor. Greenlight also has a referrals program, where your teen can earn up to $600 per year — just by sharing financial literacy with their friends. Cha-ching!

4. Supercharge savings goals with direct deposit.

Working teens can set up direct deposit so they can get paid on time, every time. They can also split paychecks across different accounts, automatically sending a percentage or dollar amount to their savings.

Teens can use Greenlight to deposit their paychecks right into savings (or spending). And skip that trip to the bank — because who needs another car ride?

5. Remember: Compound interest is your BFFL.

While 62% of teens have learned about savings, not all know about the power of compound interest — an easy way to build their balance. With compound interest, earnings from your savings start to earn money of their own. Mind = blown.

One classic example of compound growth: saving money in a high-yield savings account. You can also use Greenlight to put compound interest to work. From Parent-Paid Interest to 1% cash back to savings², Greenlight rewards your kids for making smart money moves.

6. Explore the world of investing — together.

Investing is top of mind for teens right now, with 86% of them reporting being interested in investing. But 45% say they haven’t invested because they don’t feel confident or their parents don’t know how to get started. Let’s change that.

Saving for retirement through a Roth IRA or 401(k)? That’s a great way to open the convo on investing. You can also stock up on long-term stock strategies, like diversification. Take learning to the next level with the Greenlight app, where you and your kids can explore more than 4,000 stocks and ETFs, watch videos, and do more — together.

Make every month Financial Literacy Month.

Teaching your kids about financial literacy is infinitely better when you give them the tools to learn on their own, too. Ready for the best part? As a Park Bank client, your family can join Greenlight and play Level Up on us. Sign up today. 

 

 

¹NEFE, 2022.
¹GOBankingRates, 2022.
¹National Payroll Week, 2022.
²Greenlight Select families can earn monthly rewards of 1% per annum on an average daily savings balance of up to $5,000 per family. To qualify, the Primary Account must be in Good Standing and have a verified ACH funding account. See Greenlight Terms of Service for details. Subject to change at any time.