Teaching teenagers about personal finance

murphster

hi everybody,
I am looking for some help with savings for teenagers. My 16 year old brother has just started his part time job. My parents are keen for him to save some money from his earnings. I was wondering if any body had any ideas of the best way to do this. It will only be a few pounds say fifty a month and when he goes back to school in september it may be less therefore something that he can put as much or as little as he can afford each month would be good. Also something that has monthly interest so he could see the interest adding would be good and it would probably be best if he could have instant access to it. I have looked at childerns savings account but these all seem to be for the under sixteens. I am also curious about tax on interest for him.

Thanks.

Jen_Jen_5

"can anyone recommend a good book" dont know of any good books but some internet sites aimed at young people. Try https://www.askcab.co.uk its for yp in norfolk but lots of the info is relevent wherever you live and https://www.youngscot.org is scottish based and has info re young people issues.

Not a book but useful all the same.

Yorkieds

Fully understand the reasoning behind children having a knowledge of finance especially linked to savings.
But, at a young age they are mainly saving short term to spend very soon thereafter.

Dont burden them too much with the pressures of saving long term for a car, house, holiday, that will come when they are older and in full time employment.

Let them have some fun and enjoy there childhood, free of responsibilities with little thought of money, money, money!

Remember money is the root of all evil!!!

DiggingOut

Remember money is the root of all evil!!!

Inaccurate quotation. It actually says, "The love of money is the root of all evil."

Actually quite an important distinction, when you think about it.

Pal

He wasn't quoting. He simply said it.

Anyway, I thought the quote was "For the love of money is the first step towards all manner of evil"?

Does it depends on which version of the Bible you are reading.

DiggingOut

Yes, it depends on the translation. The Authorised Version says, "The love of money is the root of all evil."

In the original Greek, "root" does not have the definite article, and evil is very generic. So I guess a better translation might be, "The love of money is a root of all evils."

So your version, while not quite as literal a translation of the actual Greek words, might be a better reflection of the thought -- that the love of money is not the only problem, it is "a root" rather than "the root", and that it leads to all kinds of evil.

The quote is from I Timothy 6:10, by the way. It doesn't tell people that money is bad, it doesn't even tell rich people it is wrong to be rich. It just tells them to be generous and warns them not to be proud.

New Testament Greek exegesis on a moneysaving website. ::)