As many as 40% of those who didn't have any financial education in their youth admitted to having no savings and couldn't afford to save. The study by GoHenry, in partnership with Development Economics and Censuswide, found that 51% of people who were taught about money in childhood have up to £5,000 in savings, compared with 30% who were not. A good financial education helps boost your child's earning power and improves their relationship with money in the future. When you teach teenagers how to budget, you help to set them up to have a better relationship with money in adulthood. Help your teens budget with GoHenry Why teaching teens how to budget matters Know how much money is coming in and going out.Understand the difference between wants and needs.Reject peer pressure that results in overspending.If your teenagers are already earning their own money or you are giving them regular pocket money as a reward for chores or other tasks, there's never a better time to start teaching them how to manage their money responsibly. In contrast, adults who don't learn about money management in childhood can struggle to save money and are more likely to get into debt. While budgeting may take a bit of time to learn and perfect, GoHenry research reveals that young people who develop good financial habits early in life tend to become financially responsible and independent in adulthood. Before they leave home, it helps if teens know how to make a budget, track their spending and save for the future. Budgeting is a powerful money lesson for teenagers to learn.
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