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Financial Planning for Teens

The teenage years are filled with friends, fun, great experiences…and financial planning? As teens start to look toward the future and contemplate big decisions like college and career, they should also be talking about budgeting, saving and yes, financial planning.

The best time to introduce banking and financial planning to a teen is when they procure their first job. Managing money is crucial to success throughout their career, so coupling the new job with a new bank account will cement those first big responsibilities together and associate earning money with financial responsibility, too. Opening a new checking or savings account will help them keep track of their earnings, keep their money safe, and distribute their earnings for bill payment, daily expenses, and savings. A new account is a great way to learn the value of balancing saving and spending.

When selecting a first checking or savings account for a teen, there are a slew of features to consider. Some banks, like First Keystone Community Bank, offer special features to students and young adults, but knowing your own needs and expectations should be the deciding factor. Items for both the teen and the adult to consider include minimum balance, mobile banking features, and interest rates, along with any fees associated with a specific account, like inactivity fees, ATM fees, and overdraft fees. Keep in mind that some account types require that a responsible adult open the account until the teen reaches a certain age, which could range anywhere from 18 to 21 years old.

A checking and savings account can introduce teens to the technicalities of banking, like how to interpret bank statements; how and why money is credited or debited to and from an account; and the difference between current and available balance. A bank representative can also discuss additional features like direct deposit and automatic bill payments. But the most important lesson teens can learn from a bank account is responsibility for financial planning as they move from childhood to adult.

Technology has made today’s banking much more convenient and relatable for young users with the introduction of mobile banking apps that perform many banking tasks using smartphones or tablets. Everyday activities like checking account balances and transferring funds between accounts can now be done on a phone, along with more advanced features like paying bills and tracking spending.

While technology has made banking much more convenient, banking on a mobile device requires diligence in order to protect your personal information; a valuable lesson for young people to absorb. Proactive security measures include creating strong passwords, avoiding public Wi-Fi networks, and never saving passwords in your browser. Meeting with a bank representative can help answer all your privacy and security questions, as well as help you discover additional products and services offered by the bank that might assist you on your financial journey.

For more information on financial literacy, financial planning or a youth checking account and debit card, contact First Keystone Community Bank at 570-752-3671 or visit

Written by Frances Seward

Frances is a Vice President of First Keystone Community Bank and the Regional Branch Administrator for Columbia/Montour counties.

Posted On:

May 16, 2023

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