Teens, Cash Money … No Problem

If you remember being a financially responsible teenager, raise your hand. Anyone? No, The Teller didn’t think so.

While The Teller held a variety of jobs as a teenager – ranging from babysitter to movie theater concessionaire to office assistant (i.e. hiding in a room and blasting the radio while putting together “last notice” mailings for consumers being hounded by bill collectors) – saving the money earned wasn’t a priority.

There were only a few reasonable ways to spend those hard-earned minimum wage paychecks – on concert tickets, clothes and mall food court delicacies. While The Teller did have a bank account, it was very rare when the balance read above double digits, unless it was pay day.

While times have changed since The Teller’s days of high school angst, it’s highly unlikely that teens are any more responsible these days with the money they earn. That’s where Jim Collas steps in.

As the president and CEO of BillMyParents, his company tries to help parents help their kids see the light when it comes to squirreling away their paychecks from Urban Outfitters and Newbury Comics.

Collas offers some sage advice on getting teens to see the value of money, including giving an allowance (with a mandatory budget), holding your kids accountable and not giving in when someone goes broke and is begging for money. Again, hmmm… Raise your hand if you know a parent who will actually stick to these guidelines.

While The Teller does agree that teens need financial education, going about it in the typical “parent knows best” manner just isn’t going to cut it. Until they see Shaq or Rihanna in a commercial or at their school touting the benefits of storing away their cash, it’s just going to be another “do as I say” command that gets forgotten even more quickly than their curfew.

So, yes – talk to your kids about being financially responsible. But also go to your local bank and ask them what they’re doing to raise a fiscally smarter generation of consumers, who will someday be their customers. NMTW Community Credit Union has Boston Bruins forward Milan Lucic. Salem Five has Red Sox second baseman Dustin Pedroia representing them. The Teller is sure there are kids more than willing to listen to what these local celebrities have to say.