It has been widely advertised how important saving habits are. Besides becoming a huge benefit for your future or emergency occurrence, saving helps develop great money management skills. Not only that, they help to train children to be more independent instead of relying on their parents all the time. This is the reason why parents teach their children on saving habits from a very young age. And because of that, most children enjoy inserting money into their piggy banks and watch their savings increase. However, the same cannot be the same for teenagers. It is hard to see teenagers these days having saving habits. Even those who loved doing so when they were small are no longer interested in saving money. Here are some of the reasons.
One of the main reasons why teens find it hard to save their money is due to online shopping. Online shopping is so easy to access by using their smartphone applications. Thus, it means that online transactions can be done easily. They simply need to request for TAC numbers and then their online payment can be done. Due to this, teens tend to overspend. When they realise that they should save some of the money, they can no longer do that as their account balance is minimal. Teenagers tend to buy unnecessary things, like cute stickers, new bags and shoes although it is not actually needed. They find it hard to stop online shopping even more that their peers are also doing that.
No Awareness of The Importance of Saving
Here is another reason teens find it hard to save money. They have no awareness of how important saving money is. Due to their young age, they do not take saving seriously as they know that their parents can afford to pay for anything they need or want. Some even have this mindset where they are still too young to save money. They should only start saving after they are out of high school or start a permanent job. Because of such a mindset, they fail to realise that saving will help them in the future in any case of an emergency like accidents or injuries that need a lot of money for treatment. Teenagers are usually very care-free and nonchalant about the future, so they might feel like they should sit back and relax when they are still young. Why save money when they will end up using them, anyway? This is how they think and it is not surprising that they cannot develop saving habits during their teenage years.
Do you know that some teenagers are already involved in forex trading right after their high school years? And it is a good thing, until they spend too much on the foreign exchange that they fail to plan smartly for all their investment. As they continue to do so, they fail to consider that it should be done with a lot of thinking and discussion with their parents. That way, any loss can be avoided and they will be able to receive more money than they thought. If you are interested in forex trading, check out this indonesia forex brokers review.
In the end, it is hard for even parents to convince their teenage children to start saving. It was probably easier when they were younger as they find it exciting and they tend to be rewarded after saving the amount of money their parents targeted for them. It is not possible that they will still be rewarded as they grow up, hence they lost interest to save money. Perhaps parents should encourage them to save by using new methods in the future.