Teens and Money: Help for Parents with The Money Talk

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Have you ever tried to sit down with your teen and have “The Money Talk“? Have you discussed short and long term finances? Talking about money, with anyone, is stressful. How do you broach the topic with your teens, especially if there have already been money problems?

According to a new survey by PASS from American Express, approximately one third of parents said that talking to their teens about allowance was comparable or worse than the stressful experience of negotiating the purchase of a car. Nearly half of teens said that asking their parents for money was a hassle.

To help make these talks easier for families, American Express has partnered with personal finance expert Jean Chatzky to launch “The National Money Night Talk“, which encourages families around the country to talk with their kids about money and financial responsibility. On the Money Night Talk website, parents can sign a pledge that they will talk to their kids about money. The website also offers videos and other resources on talking about money to three different age groups, middle school, high school and college.

Up until now, the PASS card was only available to American Express Cardholders. Now any parent can get their teenager or young adult a PASS card. You will love these parental account controls built into the PASS system:

  • View transaction history and monitor spending
  • Receive email alerts for low funds or other notifications that you set up
  • Enable/Disable ATM access for the card
  • Check card balance 24/7
  • Load funds 24/7
  • Schedule automatic reloading of card funds and more

I have been extremely happy with the PASS program. I can see all of my son’s spending activity in one place. It is also easier to talk to him about his spending habits when I have access to what they actually are. I still don’t love these discussions, but they are not nearly as difficult as they used to be.

To learn more about the PASS program, go to the American Express PASS website. This is the 4th post in a series of eight articles I am writing about teens and money, sponsored by American Express. If you missed the first 3, you can find them at Teens and Money – Cash, Credit or Debit Cards?, Teens and Money – Understanding Needs vs. Wants, and Teens and Money – What about Allowance?

Full disclosure: I am working with American Express on this series of blog posts about the PASS card and I am being paid for my writing. However, my son is using the card and everything I write about our experiences is authentic and my thoughts on the program are real.

See also:  
Teenagers and Money – Teaching Budgeting
Teenagers and Money – Most Important Lesson to Share?
Teens and Money – 4 Websites Teaching Financial Literacy

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