Nothing elicits more eye rolls than a parent trying to engage their teen in a financial discussion, but if you play your cards right, you may be able to make a lasting impression on your kid’s perception of credit health.
When Erik Beres, Banking Center Manager at Community Banks of Colorado in Bayfield, and his team had the opportunity to share their knowledge with students from Spruce Academy, they tried to make it as relevant as possible. “For most teenagers, the thought of owning a house or having a credit card is too far removed,” says Erik. “But when we shared with them that you need good credit for something as simple as the newest smartphone from your service provider, it hit closer to home.”
While there is no prescribed way to educate our kids about good credit health, transparency and honesty are a fantastic starting point. When your kid asks you about credit, be open and stick to real-life situations. “No kid is going to care about vague terms they don’t understand,” explains Erik. “However, if you can tell them exactly what your family’s car payment or mortgage is and explain to them what you personally had to go through to make it all work out, they will be more engaged in the conversation.”
Need help breaking the ice? Community Bank of Colorado can host classes or groups in their banking centers in Bayfield or Durango. Let’s invest in them together.
For most teenagers, the thought of owning a house or having a credit card is too far removed. But when we shared with them that you need good credit for something as simple as the newest smartphone from your service provider, it hit closer to home.
