Might be time to have that chat with your teens. 💬 A new Fidelity study on teens showed that they’re pretty clueless when it comes to money. Almost half of teens felt investing was ‘out of reach’ and only one third said they regularly discussed the topic with their parents. True, most teenagers hate talking to their parents… ugh, as if! but since most teens look up to family members as financial role models, teens that do talk with their parents about investing say they are twice as confident with investing as those that don’t. So time for a teen money makeover? 💄
With investing, history shows us that the earlier we can start putting money to work in the share markets the better to allow compounding returns to work their magic. Investing GOAT, Warren Buffett started investing as a tween, aged just 11. This kid started when he was 8, building a US$250,000 portfolio by age 19.
It’s way harsh being a teenager today, dealing with Covid, relationships, rollin’ with the homies and getting stuck in swings without adding totally buggin’ about money into the mix. That’s a big problem in New Zealand too, where half of Kiwi teens feel like such boneheads when it comes to money, saying they learn little or nothing about money at school. How’s that for a ‘not-achieved’? So word to parents, guardians and mentors, it might pay to go couch commando and have that chat. Especially to females. The study found that teen girls were less likely than teen boys to have talked to their folks about investing, and more likely to say they have no knowledge of researching investments. 😠
Investing platforms (oh, hey there! 👋) make it more accessible than ever to start, or at least start the conversation. If you’ve seen teens queue for tech gadgets, gaming consoles or fresh kicks, with ear plugs in while fueling up on energy drinks and fast food, then you know teens get brands. These can make for #relatable convo starters about companies listed on the share markets. Kids know their Nike from their Adidas, PPS4 from Xbox One, choose Spotify or Apple, know Marvel vs DC, and Burger King from their Maccas, and they can search on Google from their tablet, smartphone, PC or Mac. So kick off the convo! 📣