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

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.

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.

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%.

Related information

Further support