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