How to Turn Your Teen's "D" in Debt to an "A" in Budgeting

Scott Gamm

This article, entitled "How to Turn Your Teen's "D" in Debt to an "A" in Budgeting," is presented by H&R Block.

The popular saying, “money makes the world go round,” may be true, but what happens when it turns your life upside down? Scott Gamm says that’s what happened to him when he was 15 years old. When the recession hit, he says bills started piling up in his family, leading to tension and financial stress resulting in his parents’ divorce. Scott vowed to learn everything he could about money, but quickly realized there was little, if any, easy-to-understand financial resources for teenagers and young adults.

A recent survey of more than 1,000 teens shows:

  • Teens crave personal finance knowledge, with college costs a driving factor.
  • Three out of four teens are worried about taking out too much in college loans, while cost has become the primary factor in college selection.
  • Sixty-two percent perceive their parents as role model money managers, while a third said they were so-so.

To help American students develop high-level financial literacy, the Council for Economic Education (CEE) has developed a set of standards students should meet by the time they graduate high school. However, many of the recommended concepts are not yet covered in schools, leaving it to parents and outside sources to pass on money management skills crucial for lifelong financial well-being.

In the video below, Scott Gamm, founder of and author of More Money Please, shares advice that will help teens (and parents of teens) understand how to manage their money - both now and in the future.

Gamm also outlines details of the H&R Block Dollars & Sense program dedicated to improving the financial literacy of teens through a curriculum for educators, workshops, scholarships and personal finance advice.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
$cms.template("HTML5 Vibrant Media")