Banking and your teen's money
Money management mystifies many adults.
So how can preteens and teens, who are just beginning to earn and spend on their own, make wise choices?
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Lots of parent-teen angst over money mishaps can be headed off if parents guide their children to the right bank products.
"There have been many studies showing that when kids own an asset like a bank savings account that they are more financially successful in adulthood," says Lewis Mandell, professor emeritus in finance from the University of Buffalo.
Below is a look at four typical parental concerns and how the right bank products can foster financially savvy teens. And, since every kid is unique, there's also guidance for parents on how appropriate particular bank products are for their teens.