Tips to teach teens financial responsibility

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(KTVI) - Does your teen understand interest rates, know that ATM's charge fees or have the skill to balance a check book?

Psychotherapist Dr. Russell Hyken talks to Margie Ellisor about some ways to teach your teens about money.

Tips to teach money responsibility:

  • Get your teen a checking account
  • Teach teens how credit cards work
  • Discuss cash saving strategies
  • Define financial objectives
  • Teach your teen to manage their own money
  • Explain credit ratings

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For more information on Dr. Russell Hyken: ed-psy.com