Teaching children about money - aged 14 to 16 years

Teenage years can be tricky. Between the ages of 14 and 16, young people are keen to become more independent, and you can help prepare them to manage their own money.

Children aged fourteen to sixteen

Helping children aged 14 to 16 understand how money works


Helping 14-16 year olds towards financial independence

Andy Maddren - Dad to William and Lloyds Bank colleague shares ways you can help 14–16-year-olds towards financial independence.

Here are three National Curriculum topics for 14-to-16-year-olds, along with practical tips on what you can do to help them build their understanding. Information correct as of February 2023.

1. Planning and budgeting 

Learning how to plan a budget and stick to it helps build financial independence. It’s at this age teenagers start to gain:

  • The understanding and importance of budgeting.
  • Useful skills including being able to plan their own spending and saving, track their finances, and cope with unexpected costs.
  • An appreciation of value for money, through having their own responsibility for expenses.  


Learning together: Balance their own budget

Put money lessons into practice by giving teenagers the chance to budget. For example, set a spending limit for a family meal, a day out, or an allowance for bus fares, school lunches and socialising.

This way, they can practise working out what they can afford and sticking to a budget, with less risk compared to overspending later. Talking about how you manage your own money, and balance household bills, can also build their skills.

See our Smart Start hub for useful information on spending and saving.

2. Avoid fraud and identity theft

Just like adults, teenagers can be targeted by fraudsters.

  • Teens may need support spotting fake websites, online shopping scams and social media scams.
  • Help teenagers stay safe by reinforcing the use of strong passwords, and making sure they keep their personal and banking details private.


Learning together: Protecting yourselves from fraud

Fraudsters often target the young and vulnerable. Help children spot and protect themselves from scams. Point out the types of scams to watch out for, and places to find out more or report financial fraud, such as GetSafeOnline.org and the Citizens Advice Scams Action Service.

You can also find out more about how to spot and avoid scams here.

3. Work and taxes 

From the age of 13 teenagers can get part-time jobs such as delivering newspapers, waitressing or stacking shelves.

  • If they get a payslip, talk them through it, pointing out the difference between ‘gross’ pay and ‘net’ pay, once deductions such as income tax and National Insurance contributions are taken off.
  • Check they understand that people who can’t work may be able to claim welfare benefits if, for example, they are unwell, unemployed or looking for a job.
  • Encourage them to split their money. Allocate 50% to essentials, 30% to savings, and enjoy the final 20%.


Learning together: Share a payslip

Consider showing them one of your payslips, if they don’t have their own, to help prepare for the realities of working life. 

Point out the total pay, money taken off for income tax and National Insurance contributions, and how much is left afterwards. Deductions for things like pension contributions can spark conversations about saving for retirement, even if that seems a long way away. Show them where to find useful information such as the payroll number, National Insurance number and tax code.

Related information

Three-to-six years old

It’s never too early to start teaching children about money. As children start school, they will be picking up financial habits from their parents.

3 to 6 years

Seven-to-eight years old

At this age, children want to make more of their own decisions about saving and spending.

7 to 8 years

Nine-to-10 years old

As children progress through primary school, they will start picking up on popular trends and advertising designed to affect spending.

9 to 10 years

11-to-13 years old

Starting secondary school is a big step. Children will be getting more interested in money and making decisions that could affect their future choices.

11 to 13 years

Further support

Money management

Our tips and tools can help you manage your bills and credit, while helping you save and feel better about your finances. 

Money worries

If you are struggling with your finances, or are worried about the increased cost of living, you are not alone. We are here to help you get back on track.