School is back in session across the country, but there is something your teens may not be learning in the classroom. Only 20 states require high school students to take economics and even fewer – 17 states – require a personal finance class, according to the Council for Economic Education. That means many teens could graduate their senior year without understanding the basics of money and how to manage it.
Finance experts say it falls to parents to fill the gaps and make sure their children are prepared to be financially successful in life. “I think it comes down to three important elements, and the basic understanding of money, debt and compound interest,” says Michael Martin, a financial advisor with Marius Wealth Management in New York City.
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