But finding — and holding — a job can also teach teens tons of skills, and help them develop positive work habits early in life. Having a part-time job during high school might sound like a no-brainer, but parents of teens need to weigh the benefits against the potential pitfalls like time away from schoolwork and extracurricular activities to determine whether working is a good choice. And set boundaries so the teen's focus stays on their studies. Growing in Income and Maturity Working as a teenager has the obvious benefit of earning money to spend and save. But more than a simple influx of cash, working allows teens to appreciate the value of money and what it means to earn a dollar.
They are better able to set goals, control impulses and follow through on financial decisions. Here are four ways to get started: Talk with your teen about wants, needs, and tradeoffs According to a study by T. Rowe Price on parents, kids and money, percent of parents said that they have held conversations about money with their kids. So still nearly half of all parents have room for improvement! Brian Page, an educator and Financial Literacy Leader, suggests that there are certain financial values that can only be instilled in teens through their parents. When it comes to money, he says it boils down to values.