More parents describe their teen as a “Quick Spender” (60%) than a “Stellar Saver” (40%) according to the 2008 Schwab Parents and Money Survey.
Lynne says, “Parents have great insight into their kids’ spending and saving habits. The bigger challenge is in helping kids learn to balance spending and saving. As adults, these kids will have to make spending and saving work together in their best interests over the long term. Parents can start their kids on the road to financial competence by giving them responsibility for some of their own expenses while they are still living at home.”Follow me on social media: