At a certain age, we become less interested in spending time with our families and want to spend more time with our friends. Now we are not saying any of that is bad – we’ve all gone through this phase. But, teen years are not only extremely formative but important in shaping and influencing who we become as adults. Setting healthy habits at this important stage truly sets them up for success as they transition from childhood to adulthood. One of these important life skills is learning financial literacy.
How teens have taken advantage of the hyper-connected world
Today, we are connected through the Internet but specifically through the use of social media, teens even more so. In the past few years, we have seen a spike of interest with Gen-Z on topics related to stocks, investment, and building wealth on TikTok and Instagram.
Recent surveys even show that they are more knowledgeable than any previous generation. All these things are wonderful, and we think it is great to see them engaging and seeking out these topics. They are extremely tech-savvy and that is something we recognize and see as necessary within our increasingly tech-reliant world.
A reason why we think it is so important for them to learn about financial literacy at this age is that it allows them to have a leg up when it comes to planning for the future. Be it through investing some money, setting some money aside in a savings account, or saving up to save for a business venture. Learning how to manage money allows you to do all these things and more.
Topics included in financial literacy
Major aspects of financial literacy include budgeting, investing, saving, and money management. In short, it is our relationship with our money. How we choose to spend it impacts our future. Knowing how to do all of these things and more can help alleviate the stress that is normally attributed to dealing with personal finances.
Having a strong foundation will help the younger generation to be more set as they get older and by putting in the work to understand key aspects now, they will be way ahead of the curve when it comes to management. Being smart with money and knowing how to save and invest will also help with not falling into great amounts of debt in the future.
Teens need to be aware of the many potential scams that are out there which can harm their financial goals. Too many of us learn this at a later age. Being financially literate from an early age is more likely to help them be more vigilant against financial fraud and scams.
It is also key to helping teens prepare for retirement and plan for it. The earlier we start, the better we are at setting ourselves up for the future. An astonishing amount of people do not have enough money to comfortably retire and a large reason is due to lack of financial literacy.
So… where does FataFeat come in?
FataFeat will teach you about key concepts and terms such as compound interest, emergency funds, different budgeting strategies, and more! If you are keen on learning about managing your money or need a refresher, we’ve got you covered.
Our platform, FataFeat is a great tool for all ages as we explore various concepts and offer many great visual aids for better understanding spending habits, how much you’ve saved, and much more. It’s a platform for the whole family.