A recent study shows many teens are interested in personal finance but are largely clueless when it comes to investing. These tools and resources can help.
"The important thing is for parents to start talking about money with their teens early and often," says Fidelity's VP of Youth Investing, John Boroff. "Our data shows teens who talk about money with their parents are more confident on financial topics."The problem is that a lot of parents aren't confident talking about money, themselves, according to one expert.
Alexander says that kids often approach him after talks and tell him, "My parents never talked to us about money.""Part of that reason is maybe the parents didn't have success financially, or were confused about money, and were just afraid to bring it up to their kids," he says. "They'll talk to their kids about many other important areas of the kid's life — maybe sex or what job career things like that — but money is very seldom talked about in families.
Another free investing app created specifically for teens is called Bloom, which has shot to the top of the charts in popularity after only launching a handful of months ago.Bloom's three co-founders, Sonny Mo, Allan Maman, and Sam Yang wanted to create something user-friendly and youth-focused after Mo tried to help his brother set up a traditional investment account and was struck by how confusing and overcomplicated it was for teen users.
We enable teens to actually started investing with as little as $1, but more importantly, we have a ton of education modules to make learning fun.Teen investment app Bloom offers learning modules, parental controls, and participation incentives.
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