Smart Ways For Teens To Boost Their Own Finances

Instead of relying on pocket money kids should be encouraged to earn their own cash, say the authors of a new book. Lisa Salmon finds out how

- Lisa Salmon

LEARNING early how to make and use money is a vital practical skill that will be useful for a young person throughout their life.

Yet data from Santander UK has found only four in 10 children and young people in the UK have some form of financial education in school. And with about nine million adults across the UK and Ireland already struggling with problem debt, according to The Centre for Social Justice, it's time for kids to become more financially literate.

Although research has shown children start picking up vital money habits and skills between the ages of three and seven, it seems some are naturally financially savvy and others aren't, observes private equity director Rachel Provest.

"Some people seem to have the magic touch when it comes to money, others just can't seem to keep hold of it - it runs through their fingers like water and they can never seem to earn enough," says Rachel, who's just written the practical financial guide for tweens and teens, Max Your Money (Welbeck Children's Books, £14.99), with investment fund manager Larry Hayes.

But every youngster can learn. "It's about making you the boss of money and not the other way round", Rachel stresses.

"If they have access to the internet, every child can build some wealth before they leave school - we want every child to discover how they can earn more than the living wage, and often substantially more."

And her co-author Larry adds: "The opportunities to make money are extraordinary. With eight-yearolds earning more than their parents just by un-boxing toys, and kid entrepreneurs selling their business for millions before they've even left school, in the digital age there are more temptations, pitfalls and opportunities to make money than any time in history."