#alternate IFRAME: //www.googletagmanager.com/ns.html?id=GTM-WVFLH9 Skip to main content Skip to main navigation Accessibility Statement Money Advice Service Free and impartial money advice * Menu * Search * Cymraeg * Sign in * Register Search the Money Advice Service ____________________ (Reset) clear the search field (Submit) Search * Debt and borrowing * Homes * Mortgages * Budgeting and managing money * Saving and investing * My Money * Work and redundancy * Benefits * Pensions and retirement * Births * Deaths * Family * Care * Disability * Cars * Travel * Insurance * Blog * Debt & Borrowing Taking control of debt, free debt advice, improving your credit score and low-cost borrowing Debt & Borrowing + Debt and borrowing o Before you borrow o Taking control of debt o Mortgage and rent problems o Help with loans o Credit cards and credit ratings + o Debt test o Debt advice locator o Credit card calculator o Loan calculator Close * Homes & Mortgages Renting, buying a home and choosing the right mortgage Homes & Mortgages + Homes o Renting and letting + Mortgages o Buying a home o Types of mortgage o Help with mortgages + o Mortgage calculator o Mortgage affordability calculator o Stamp duty calculator o Free printed guides Close * Budgeting & Saving Running a bank account, planning your finances, cutting costs, saving money and getting started with investing Budgeting & Saving + Budgeting and managing money o Running a bank account o Managing money o Student and graduate money o Cutting costs + Saving and investing o How to save money o Types of savings o How to invest money o Types of investment o Help with scams + My Money o Same stuff, cheaper price o Break bad money habits o Beat the brand o Cut the waste o Sell your clutter + o Budget planner o Money health check o Savings calculator o Free printed guides Close * Work & Benefits Understanding your employment rights, dealing with redundancy, benefit entitlements and Universal Credit Work & Benefits + Work and redundancy o Employment basics o Redundancy o Benefits at work o Self-employment + Benefits o Help with your benefits o Child Benefit o Universal Credit + o Money manager for Universal Credit claimants o Redundancy pay calculator o Workplace pensions contribution calculator o Budget planner Close * Retirement Planning your retirement, automatic enrolment, types of pension and retirement income Retirement + Pensions and retirement o Pension basics o Saving for retirement o Types of pension o Workplace pensions o State Pension and benefits o Using your pension pot o Financial advice o Managing money and planning ahead o Help in later life o More help with pensions + o Pensions & retirement tools o Pensions calculator o Retirement advisor directory o Annuities comparison table Close * Family Having a baby, divorce and separation, what to do when someone’s died, choosing and paying for care services Family + Births o Maternity and paternity rights o Having a baby + Deaths o When someone dies + Family o Divorce and separation o Making a will o Talking about money o Talking to your children about money + Care o Support for carers o Care advice and help o Paying for care + Disability o Illness and disability + o Baby cost calculator o Baby money timeline o Christmas money planner o Free printed guides Close * Cars & Travel Buying, running and selling a car, buying holiday money and sending money abroad Cars & Travel + Cars o Running a car o How to buy a car o How to sell a car + Travel o Travel money and sending money abroad + o Car costs calculator o Budget planner Close * Insurance Protecting your home and family with the right insurance policies Insurance + Insurance o Car insurance o Life and protection insurance o Home insurance o Pet insurance o Help with insurance o Travel insurance + o Budget planner Close * Blog Close This article appears in: Managing money | Talking to your children about money How to help teenagers manage their money Parents and carers play an important role in shaping their children’s financial behaviour and attitude towards money. Many teenagers rely on their mum or dad to set the right example when it comes to managing finances. Of course it’s not always easy to talk to teenagers about money, particularly as they approach adulthood. Bearing that in mind, we’ve pinpointed three areas where you can help prepare your children to navigate the tricky waters of personal finance. * 1. Give teenagers financial responsibility * 2. Set the right example * 3. Help them manage their first wage 1. Give teenagers financial responsibility Sharing responsibilities with your children It is important that teenagers recognise the value of money and understand that it is not an unlimited resource. Giving them the freedom to manage their own budget will teach them valuable lessons about: * only spending what they can afford, and * avoiding the pitfalls of unplanned expenses. Pocket money and budgeting For many people, pocket money is the first taste of financial responsibility. Providing your teenager with a regular, set amount of money and the responsibility of paying for something they want gives them their first opportunity to practice how to stay within a budget. ? Just over half of 15-17 year olds who receive money on an ad-hoc basis keep track of their income and spending. Whereas almost two in three of those who receive a regular, fixed sum are aware of their financial incomings and outgoings. One way to get teenagers to take responsibility for their money is to give them a set budget for a specific task. This could mean setting your son or daughter a monthly budget for their lunch. If they take this money and spend it on clothes, or going out, then they’ll learn a valuable lesson when they find themselves stuck having to bring in sandwiches from home. Part of teaching your teenagers how to manage their finances comes down to being strict with the money you give them and not bailing them out if they overspend. Better they learn the hard way now while the amounts are small, rather than later when overspending can lead to problem debt. Our research has shown that nearly eight in ten 15–17 year olds who cover unexpected mobile phone expenses from their own pocket say they keep track of their income and spending. Just over half of those who turn to mum and dad to cover unexpected costs claim to keep an eye on their financial incomings and outgoings. 2. Set the right example Learning from parents and carers When it comes to managing finances, many teenagers mimic their parents’ behaviour. So, if you’re the type of person who saves up to buy something, then it’s more likely that your children will do the same. If, on the other hand, you’re quick to turn to credit to fund non-essential purchases, your children are likely to follow in your footsteps. One way of setting the right example is by including your teenagers in some of your financial decisions, particularly as they reach their late teens. This could include showing them how you shopped around for a better deal on your current account, or sitting down with our Budget planner tool to work out a monthly budget. You can take this a step further and send them out to do some grocery shopping with a list and strict budget. Just be careful you don’t end up with a kitchen full of sweets and crisps! It’s also a good idea to be open with your children about some of the financial mistakes you made when you were younger. Sharing your tales of woe can be a good way to highlight the dangers of poor money management. Whether this means telling them about the time you couldn’t afford to fix the fridge after it broke down, or how not getting your home insured cost you thousands after a burglary. These are valuable lessons you can share. Developing a savings habit Learning about the importance of saving and only buying things which you can afford is an important part of adult life. Whether this means encouraging your teenagers to put aside a small amount every week to buy new shoes, or longer-term planning for a larger purchase, leaning to save is a vital skill. Without it, your children might not be able to achieve their long term goals, such as: * buying a car * going to university, or * providing a home for their family. It can be difficult to talk to teenagers about the need to save. However, there are certain opportunities you can seize. If, for example, your teenager is interested in taking driving lessons, this is a great time to sit down with them and work out how to meet the cost. This might mean looking at how much needs to be put aside each month, or searching for a part time job. Want to find out more about getting your children into the savings habit? Read our guide to Savings accounts for children. 3. Help them manage their first wage If your teenager is trying to save up for a large purchase, or simply wants some extra spending money, one option is to find a job. Getting a job can be a teenager’s first step towards financial independence and can play a key role in preparing them for the future. While many teenagers take on informal employment such as babysitting for family friends, anyone over the minimum school leaving age can work full time. If your child does get a first job, this will often result in an increase in the amount of cash available to them. This is great opportunity to put some time aside and talk to them about the importance of saving. This can be as simple as deciding to put aside a certain sum each month for a rainy day, or, if they have a set goal, helping them make sure they reach it. For example, if your teenager would like to buy a car, you could show them how to set-up a standing order to their savings account each pay day. This will make saving automatic and make it easier for them to stick to their budget. You can also help them understand their payslip and talk them through everything they need to know to make sure they’re signed up to the right bank account. You could even direct them to our Car costs calculator, which will help them find out how much it costs to run a used car over a year. Looking for money management tips for teenagers and young adults? Have a look at The Site’s Money Management Tips section, or in Young Scot’s Budgeting sectionopens in new window. Did you find this guide helpful? (Submit) Yes (Submit) No Please tell us why this guide wasn’t helpful ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ Submit Care to share? * Share this article on Facebook * Share this article on Twitter * Share this article by Email Thank you for your feedback Share this article * Share this article on Facebook * Share this article on Twitter * Share this article by Email Previous Managing money for someone who is missing Next Open Banking and sharing your information online Related guides * Managing your money using the jam-jar approach * Open Banking and sharing your information online * Beginner’s guide to managing your money Most read * The cost of buying a house and moving * Universal Credit explained * How much Income Tax and National Insurance you should pay From our blog * 5 awgrym ar sut i gael sgwrs anodd dda am arian * 5 pension pitfalls and how you avoid them * My son is obsessed with this online computer game and keeps asking me to pay for upgrades? More in 'Managing money' * Beginner’s guide to managing your money * Living on a budget * Budget planner View all … articles in Managing money More in 'Talking to your children about money' * How to talk to your children about money: age 3-4 * Saving for your children * How to talk to your children about money: age 5-6 View all … articles in Talking to your children about money Report a technical issue with this page Related guides * Managing your money using the jam-jar approach * Open Banking and sharing your information online * Beginner’s guide to managing your money Most read * The cost of buying a house and moving * Universal Credit explained * How much Income Tax and National Insurance you should pay From our blog * 5 awgrym ar sut i gael sgwrs anodd dda am arian * 5 pension pitfalls and how you avoid them * My son is obsessed with this online computer game and keeps asking me to pay for upgrades? Back to top Budgeting and managing money * Running a bank account + How to choose the right bank account + How to manage your bank account + Current accounts + How to reclaim unfair bank charges + Choosing a bank account for your benefit payments + Direct Debits and standing orders + Fee-free basic bank accounts + E-payments – why, when and how to use them + Sort out a money problem or make a complaint + Using and paying with debit cards + Bank fees at a glance + Overdrafts explained + Payments into your bank account + Joint bank accounts + Credit union current accounts + Managing your money using the jam-jar approach + How to open, switch or close your bank account + How to transfer money from your bank account + Tracing lost bank accounts, savings or Premium Bonds + Packaged accounts + How to use banker’s drafts and cheques + Shopping and paying safely online + A beginner’s guide to scams + Identity theft and scams: how to get your money back + Compensation if your bank or building society goes bust + Beginner’s guide to online banking + Types of scam + Consumer rights – what you need to know + Make the most of your bank account + Compare bank account fees and charges * Managing money + Beginner’s guide to managing your money + Living on a budget + Budget planner + Money Health Check + The best ways to pay bills + Paying your own way + Should you manage money jointly or separately? + Managing your money using the jam-jar approach + Prepaid cards + Quick cash finder + Getting informal help to manage your money + Managing money for someone who is missing + How to help teenagers manage their money + Getting free financial help and information + How to improve your credit score + Free printed guides + Finding the best deals with price comparison websites + Open Banking and sharing your information online + Money problems and poor mental wellbeing * Student and graduate money + Student and graduate bank accounts + University Budgeting tips + How to deal with student loan and credit card debts after graduation + Repaying your student loan + Student finance: What you need to know + Advanced learner loans for adults in further education and training in England + Apprenticeships explained + How to improve your credit score + Money tips for graduates + Financial support for further education * Cutting costs + How to save money on your home phone and broadband + Council Tax: what it is, what it costs and how to save money + Your top tips for buying and running a car + Saving money on holidays + Top money-saving tips to help you shop smarter + How to save money on gas and electricity bills + How to save money on your mobile phone + Cut down on car and travel costs + How to save money on water bills + How to pay for home improvements + How to save money on household bills Family * Divorce and separation + How to sort out your finances on separation if you were cohabiting + How to sort out your finances on divorce or dissolution + Your options for legal or financial advice on separation if you were cohabiting + Your options for legal or financial advice on divorce or dissolution + How much does divorce or dissolution cost? + How to pay legal fees when you separate if you were cohabiting + How to pay legal fees on divorce or dissolution + DIY (do-it-yourself) divorce or dissolution + Separation agreements instead of divorce or dissolution + Separation agreements as an alternative to divorce or dissolution in Scotland + A guide to international divorce or dissolution + How to protect your finances during separation if you were cohabiting + How to protect your finances during divorce or dissolution + Protecting your home ownership rights during separation if you were cohabiting + Protecting your home ownership rights during divorce or dissolution + Renting: Protect your rights to your home during separation if you were cohabiting + Renting: Your rights to your home during divorce or dissolution + Protecting against financial abuse + Arranging interim spousal maintenance in England, Wales, Northern Ireland + Arranging aliment in Scotland + How to arrange child maintenance + How to deal with problem debt after separation + Managing your household budget on separation + What benefits can I claim if I am divorcing or separating? + Sort out joint bank accounts, insurance, bills and other finances with your ex-partner + Dividing the family home and mortgage during divorce or dissolution + Dividing the family home and mortgage during separation if you were cohabiting + Dividing the family home on divorce or dissolution if you’re renting + Dividing the family home on separation if you were cohabiting – renting + Dividing pensions on divorce or dissolution + How to divide your possessions on separation + Dividing investments and savings when you separate if you were cohabiting + Dividing investments and savings during divorce or dissolution + Dividing business interests on separation if you were cohabiting + Dividing business interests on divorce or dissolution + What to do with children’s accounts and savings if you separate + Clean break or periodical allowance after divorce or dissolution in Scotland + Clean break or spousal maintenance after divorce or dissolution + What to do with a lump sum payment after divorce or dissolution + Build up your retirement savings after divorce or dissolution + Review insurance for dependants and your will on separation if you were cohabiting + Review insurance for dependants and your will during divorce or dissolution + Review insurance for your home and possessions on separation + Your financial position in a new relationship + Changes that may affect maintenance payments + How much child maintenance should I pay? + Divorce and money calculator * Making a will + Why you should make a will + What happens if you don't leave a will? + Making a will to protect your family + Writing a will – your options + Using a solicitor to write your will + DIY wills – what you need to know + Will writing services – pros and cons + Making a will and planning what to leave + A guide to Inheritance Tax + Gifts and exemptions from Inheritance Tax + Top 5 ways to cut your Inheritance Tax + The tax benefits of giving to charity + Using a trust to cut your Inheritance Tax + Choosing your executor + Changing your will + Making or revising your will after someone dies + Storing your will where others can find it + Talking to your family about your will + Putting your affairs in order + Preparing for illness, old age and death + Funeral plans and funeral insurance * Talking about money + Talking with friends about money + Talking about money to yourself   + Talking to your partner about money + Talking with older people about money + How to have a conversation about money + Talking about money + Sharing goals and attitudes to money + Talking about money guides * Talking to your children about money + How to help teenagers manage their money + How to talk to your children about money: age 3-4 + Saving for your children + How to talk to your children about money: age 5-6 + How to feel more comfortable talking to your children about money + How parents talk to their children about money + You, your kids and money + Savings accounts for children + Talking to grown up children about money + How to talk to your children about money: age 7-8 + How to talk to your children about money: age 9-11 Web chat Sorry, web chat is only available on internet browsers with JavaScript. Got a question? Our advisers will point you in the right direction. Open: * Monday to Friday, 8am to 6pm * Saturday, 8am to 3pm * Sunday and Bank Holidays, closed Unavailable Call us Give us a call for free and impartial money advice. 0800 138 7777 Open: * Typetalk: 18001 0800 915 4622 * Monday to Friday, 8am to 6pm * Saturday, Sunday and Bank Holidays, closed * Facebook - Opens in a new window 72k Likes * Twitter - Opens in a new window 45k Followers * Youtube - Opens in a new window 5.6m Views * About us * Our debt work * Media centre * Financial CapabilityOpens in a new window * Partners * Jobs * Tools & calculators Blog Clear English Standard Winning Website Silver Level Clear English Award - Opens in a new window * Cymraeg * (Submit) Report an accessibility problem * Sign in * Register * Contact us * Terms & conditions * Privacy * Accessibility * Cookies * Sitemap We use cookies to ensure that you get the best possible experience. By continuing to use our website you are agreeing to their use. Find out more about cookies. (Submit) Close cookie message