parents to monitor account activity and check the account balance with their children. This will help teens learn how to budget the money available to them and use cards in the real world. And besides, carrying cash is a lot more risky than carrying plastic, which is protected from theft and fraudulent activity.
Identity Theft Education
Parents should also begin educating their teens about identify theft. Explain how hackers and thieves use social security numbers and other identifiable information to open accounts and rack up debt in other people’s names. The Federal Trade Commission has some great resources for protecting yourself against identity theft at www.consumer.ftc.gov.
Preparing for College
College is by far the biggest decision your child will make as a teenager. Since over 70 percent of college students graduate with student loans and our national student debt is 1.1 trillion, it’s more important than ever for parents and students to plan ahead. You will both need to evaluate the total cost of a college education and understand the return on your college investment. On CompareCards’ FinanceU page, there is a compilation of resources for both students and parents for every step of the process; before college, during college, and after graduation.
The cost of a college education is rising each year and the national student debt has exceeded one trillion. Obtaining a college degree is a huge financial burden to many students and their families.
There are many free resources and games online that help teens learn about finances and prepare for their future. CompareCards Student Education Center has a number of online resources to help parents and teens prepare for college and their financial future, including the EdU Scholarship Award, a monthly college scholarship that high school and college students can apply for online.