We acknowledge the dilemma for parents of teens in granting them independence while at the same time monitoring their actions to make sure they are making good decisions. It is clear that in order for teens to mature into responsible adults they have to develop resiliency – that is the ability to bounce back from the inevitable disappoints and setbacks we all experience. However, there is substantial evidence that fewer teens and emerging adults can cope with the stress of daily living. Recent studies show a sharp rise in the diagnosis of depression among this population that researchers attribute to a lack of coping skill resulting from over parenting and insufficient opportunities for teens to learn how to be independent. The phenomenon of the “helicopter parent” is certainly a good illustration.
In this show we will focus on one aspect of fostering independence among adolescents – financial responsibility. Since we are all aware that the issues surrounding managing money are often highly contentious among parents and teens a tool that can make this a better experience for parent and child would be very helpful.
Our invited guest, Evan Jones, Vice President of marketing at Bill My Parents, will explain how his company’s Bill My Parents Spend Smart Card has created a great tool to help parents and teens manage money. Evan will explain how the Spend Smart card gives a teen the opportunity to make purchases that are monitored by parents at the time of purchase while developing good spending habits. The technology behind the card allows the teen to use it without the risk of overdrafts or interest expenses.
An additional feature in the Bill My Parents program is that it is highly consistent with our Family Centered Parenting process, not only provides financial planning tools, but even more importantly encourages an on-going conversation between teen and parent about spending and financial responsibility.