Financial literacy for teens: How to mold savvy spenders

(Sponsored by JPMorganChase) – Financial literacy is more important than ever. Because everything is digital, it’s easier to ignore the realities of your financial situation and avoid learning about financial best practices. Help your teen start off on the right foot with some basic education about personal finances.Bank AccountsA bank account is the first step to financial independence. Whether at your local branch, online, or in a high-yield savings-only setting, helping teens set up their own accounts will provide the chance to learn.Related Stories Savings vs. CheckingAdults take it for granted, but teens may not know the difference between checking and savings accounts. It’s important they understand the withdrawal limits on savings accounts and any minimum balance requirements. It’s a good idea for teens to have both a checking and a savings account to get in the habit of planning their expenses separately from their savings.Options for TeensMost banks and credit unions offer account options for teens. Choosing the right bank and account type should be a collaborative process. Ask these questions:What kind of money access does the teen need? Can they be trusted with a typical bank card, or do they need a monitored approach first? Is a local...