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Whether you’re 14 or 44, being financially literate is crucial at any age. We asked a group of parents and teens what being financially literate means to them and how they use this knowledge in their everyday lives!
I’ve heard of financial literacy, but I don’t know what it is. I don’t personally know much about finances, but I’d like to learn how to spend money wisely so I’m prepared for when I’m adult. — Brenna K., 14
I want to be educated on how to manage my money because I don’t think I’m quite there yet. I sometimes talk to my parents about money, but not enough. — Juliana C., 14
I had one personal finance class in high school, but it was optional. Being financially literate to me means that I’m able to understand my bills and exactly what I’m looking at when I get those bills. — Amanda O., 20
Being financially literate definitely means staying on top of my bills and making sure I have enough money to cover those, but also that I have enough money to go out and have a good time. — Ryan S., 20
Overall, being financially literate helps you not incur credit card debt, knowing where to invest and save, and creating a budget. I talk to my kids about money, and they each have a credit card so they’re able to budget what they want to spend, and then pay it off at the end of the month to create credit. — Leslie G., 43
I think budgeting is definitely the most important part of being financially literate. I like to save rather than spend my money. — Kaileigh E., 18
It’s so important to be financially literate, and I personally need to get better at it. It’s important to make sure you know what you’re spending and if you’re spending it well. — Courtney E., 20
I need to make sure I keep my bank account in check and my checkbook balanced. My dad helps me out a lot and helps me understand my finances. — Emily D., 19
My parents help me out a lot with my finances, but being financial literate means everything to me because you have to save your money. Being a student is hard and you have to pay for school and all that, but I think my parents help me out a lot. — Colleen O., 19
I’m not financially literate. I don’t take any personal finance classes, but I wish I did because I’d learn to spend my money better. Right now I spend it on crazy stuff that I probably shouldn’t, like toys. — Jacob F., 14
I like to be aware of how I’m spending and saving my money. I check my bank account frequently and have certain apps that help me make sure I budget wisely. In the future, I want to make sure that I’m putting away 10 percent of my paycheck and saving for an emergency fund. — Charlotte H., 22
In order to make sure I’ve got a grip on my finances, I make sure I save enough. That’s the point of financial literacy. — Johanna H., 31
I don’t think teens are very financially literate. There often isn’t any education in high school so we as teens aren’t as smart with our money as we should be. — Eric H., 12
I think I’ve talked about it with my parents, but not at school. I’ve talked about money and how you should spend it in a smart way. — Katharina F., 16
What does being financially literate mean to YOU? How do you make sure you’re keeping track of your money? Let us know in the comments below.