For many high school students, the transition between adolescence and adulthood usually comes with getting that first job, buying that first car or taking out that student loan as college approaches. As your teen becomes more independent, it’s critical to ensure that they develop good financial habits that will carry over into their adult lives.
One of the best things you can do to encourage financial responsibility in your teen is to be a role model for them by demonstrating positive financial behavior in your own life. As you pay your monthly credit card bill, take the time to explain how credit works and how missing a payment could negatively affect your credit score. If you find your teen asking for money to go out or go shopping often, have a conversation about finding a job to help pay for things they want.
At Community Bank of the Chesapeake, we understand the importance of providing teens the financial skills they need to succeed as adults. That’s why we sponosor the Financial Scholars Program, powered by EverFi, to help high school students learn the fundamentals of personal finance. Launched in 2011, the Financial Scholars Program is a 10-unit course that covers a variety of topics like credit scores, insurance, student loans, 401(k)s and other critical concepts. It’s a fun, interactive way for students to grasp complex concepts and see them applied to real-world scenarios.
Our Financial Scholars Program is currently active in high school throughout Calvert, Charles and St. Mary’s counties and has reached over 5,800 students and counting!