The short answer is: Yes!
But, I think you already knew that.
But, why do they need to learn it and why in high school?
Here’s part 5 (of 5) of the long answer:
5. Managing Money is a Skill
When my mom first left home and went to college, she did not have much knowledge about wise money management. Tracking her spending was not a skill she possessed.
She neglected to write her ATM withdrawals in her checkbook, and with that mistake, she overdrew her account multiple times and had to pay overdraft fees.
Proverbs 22:6 states, “Train up a child in the way he should go: and when he is old, he will not depart from it.”
The opposite is also true. If you do not train up a child in the way she should go, she will still struggle with that issue when she is old.
Have my parents figured out how to manage their money better than when they first got married
Yes. AND they are still not as good at is as they want to be. My mom still feels like there are gaps in her knowledge and skills that prevent them from being financially free and living the way they want to live.
So, can someone figure out how to manage their money as they go through life as an adult
Yes.
But, wouldn’t you rather fast-track that progress and allow your children the opportunity to fulfill their dreams and generously serve others by the time they are your age?
I know I want this for my own children.
In addition to learning how to manage money wisely, teaching children and teenagers and giving them opportunities to earn and spend money can help them develop other characteristics.
The Christlike characteristics of integrity, discipline, charity, faith, and patience can develop as a result of practicing wise money management principles and habits.
James E. Faust, who was a member of the Quorum of the Twelve Apostles, said, “The love of money is the root of many evils because it often involves selfishness. On the other hand, the wise use of money involves principles of righteousness. It involves sacrifice and discipline. It is the acid test of our faith.”
When we manage our money wisely, we are acting in faith. We are relying on the Lord. We are paying tithing and giving to our fellow men.
If teenagers learn wise money management, they will be less likely to get into financial trouble as an adult. And, if they do get into financial trouble, they will know how to get out.
My great-grandfather had managed his money very well. When the Great Depression hit, many people who did not manage their money well lost their homes and their land. My great-grandfather was able to purchase 4,000 acres of land at a very low price, which expanded his existing ranch.
In order for teenagers to become self-reliant and wise stewards of their resources, we need to teach them about money. They need to have opportunities to practice stewardship.
Franklin D. Richards, former member of the Seventy said, “In furtherance of these teachings, every man who has property and means should live so as to obtain wisdom to know how to use them in the best possible way to produce the greatest amount of good for himself, for his family, for his fellowmen, and for the kingdom of God.”
Don’t know where to start to help your teen learn to manage money wisely? First they need to earn money. Sign up for The Teen Job Guide: 70+ Interest-Driven Jobs for Teens below.