There can be many reasons why teenagers seem so unprepared when it comes to money management and financial discipline, especially in a digital-first landscape.

Some of the underlying cultural trends and conditions include:

• The prevalence of one-tap shopping practices
• Influencer marketing styles and “hustle”-oriented content
• Undeveloped skills in recognizing scams 

That last point is crucial here. In a social ecosystem centered on mobile devices, children and teens are particularly susceptible to losing their personal information and money.

Building digital resilience is a crucial skill for young people. It sets a foundation in observing safe online habits that contribute to emotional and financial health. Moreover, it also builds an individual’s confidence in identifying and avoiding scams. 

Here are a few pointers you can share with your children to help them build discipline when it comes to managing money and digital platforms.

Reinforce the Concept That Cards Are Cash

Do you remember the last time you had to use coins or paper money to complete a transaction? Chances are, you are using a debit or credit card much more often than the real thing. 

As our society embraces digital banking and online payment processors, it’s only a matter of time before your kids grow into this system. Therefore, it’s essential to teach them that swiping a card or tapping a “Buy Now” button on their phone is equivalent to handing over cash.

Give your kids a short demonstration. When you go online shopping or visit an ATM, demonstrate the relationship between the card and the account it links to. Try it on your next grocery run:

• Show your child your balance on your banking app
• Go shopping (bonus: use this as a chance to practice budgeting)
• Use your debit card when paying the bill
• Show your child the pending charge and do a quick math lesson
  

When your child can make the connection between a card and a checking account, you also demonstrate the concept of financial awareness. 

It can also teach teens the importance of keeping financial information secure. Let them know that losing a debit or credit card, or a phone that stores this information, is like losing money. As a result, you have a way to show your child the importance of keeping financial information private and away from prying eyes.

Talk About Oversharing

The internet can help and harm in equal measures. As such, it’s essential to teach your teen how to navigate a space that is simultaneously readily accessible and prone to abuse.

Discuss with your child the importance of keeping private information private. Point out the concept of oversharing, which is divulging too much information in public spaces. 

Try this philosophy: assume that everything posted online stays there forever. Advise your child to avoid oversharing in online spaces, including:

• Social media platforms
• Chat rooms and messaging apps
• Gaming hubs and voice channels
  

Information to never share online, either as a text or photo, includes:

• Debit and credit cards
• Driver’s licenses and learner’s permits
• Passports or other identification
• Social Security Numbers
• Health insurance cards
  

Reinforce the fact that thieves can take someone’s private information not just for identity theft, but also to encourage it. Scammers are becoming increasingly adept at capturing images, video, and voice recordings to use for generative AI. 

Sharing too much online enables thieves to build an identity based on someone’s digital footprint, which can be used to create deepfakes of individuals. 

Encourage Healthy Skepticism When Viewing Online Content

A growing proportion of young people use their phones and mobile devices to access the internet. This also means that they are more likely to have access to short-form content (videos and microblogging) and apps that make conducting a transaction as simple as tapping a button. 

By combining the ease of online payments with content that promotes products and services at breakneck speed, it’s easy to see how people can get swept up in the hype of e-commerce. 

That’s why it’s crucial, now more than ever, to help teens identify a scam once they see one.

If your child is now old enough to use a debit card or is an authorized user on your credit line, discuss smartphone use and its connection to online shopping with them. While social media marketplaces have made it even easier to spot and pay for deals, it’s also much easier to fall for a scam.

Discuss with your child the common red flags of online shopping scams. They can include:

• A link that leads to a suspicious website
• A product with a price or deal that sounds too good to be true
• A store page that does not have a valid security certificate
• A business or item that has few customer reviews or ratings
  

Of course, identifying a shopping scam is one angle. Not all online offers are fraudulent, but certain practices might encourage poor financial habits.

Content found on social media sites can be fun. However, it also houses an ecosystem that pushes monetization. Creators are adept at selling products, services, and even lifestyles. It’s crucial to separate glamor from reality so your teen doesn’t pay for something they don’t want or need.

Beyond building defenses against scams, you can also discuss social media from a financial angle. This would be a promising avenue to discuss budgeting basics and how sales tactics on these platforms might influence a user's purchasing decisions.

As our relationships with technology evolve, maintaining good online habits is more important than ever. Talk to your child about internet safety and its connection to financial matters.

First Florida encourages you and your family to remain SAFE in all online interactions. If you’d like to start the discussion with your child on protecting their financial information, our Scam and Fraud Education page is a good starting point.