Teach young adults about money

Starting work

Whether it’s a part-time job, an apprenticeship or full-time work, your teenagers will soon be earning their own money.

Help them to understand what they are entitled to and how to manage their money.

Lessons and tips for young adults

Earning money

As a young adult, it’s good to be money confident. Take time to make sure your kids understand their payslips. You can get more information on payslips at MoneyHelper.

You can also find out what student loans are available on the government website.

If your kids aren’t working or studying, they are entitled to benefits. More information is available on the government website.

If your kids are moving away from home for the first time, help them to manage their money. If they have a job or are a student with a loan, they’ll need to budget. Make sure that they know to pay all essential bills before buying any treats. Our budget calculator can help you.

They may also want to borrow some money for their first car or to rent accommodation. This may be hard for them if they don’t have any credit history. They may need a guarantor to get this. If they ask you, make sure you understand what the legal and financial implications are.

Debt and borrowing

Understanding borrowing options and being confident to manage debt, can help your kids make smart money decisions.

Borrowing options – there are different ways to borrow money; loans, overdrafts and credit cards.
It costs to borrow money – you may have to pay interest on the money you borrow.
Planned borrowing – money borrowed over an extended period, for a specific reason. For example, student loans or mortgages.
Overdraft – an amount borrowed from your bank account that is more than you have in your account.

It is important to make sure that you understand the cost of borrowing and can pay the amount back in the time set by the lender.

Avoid fraud and identity theft

Fraudsters don’t care who they target. Help your kids to spot scams and to protect themselves from fraud.

Use strong passwords – never share passwords.
Keep your personal information private – never share bank details.
Do not share personal details with people you don’t know.

If you think you’ve been a victim of fraud, get in touch immediately.

Find out more on our fraud pages.

You can also get more information at GetSafeOnline and the Citizens Advice Scams Action Service.

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