How to help a young person learn financial life skills

Set a day, once per month and look at their finances. Perhaps create a spreadsheet with them and talk about spending. Never make too much of a big deal about things within budget. 

Scams are quite different. First there is the art of spotting them. But second, it's ok to help others to a threshold and ALWAYS do it in person. But also, the idea that each of us can 'invest' in just a few people in our life with time and resources is important. 

Perhaps her budget can include a charity per month - maybe £5 if she feels inclined. But also cap a limit at 10% per month for emergency only and put it in a savings if there's no emergency. There are a LOT of resources available.

If we're incredibly compassionate we may feel we want to help everyone and that's not bad. But, a good saying is this: no one died and made me the Super Hero of the World. (no one died and made me G-d). Let's allow everyone to help, or let everyone play. We'll do our part. << These can be crucial thought-exorcizes in letting go of control while also creating good boundaries. It's an interesting paradox.

So next time she gets a funny email, she can learn to - look at the email it came from, text the friend direct mentioning the email, ask if the friend sent it, and if the friend does need help, have them come over. Pay for a cab if it's bad. These can be helpful practices.

it's a halter..

Absolutely. 

Debt is a tightrope. I was caught up with it for so long. 

One of the times my Dad "aced" parenting was when I got into trouble standing on my own two feet.

He taught me how to itemise my money coming in, and itemise all my outgoings and prioritise them in order of importance.

He placed debt repayment before buying food on that list which I thought at the time was ridiculous, but it was not...

Nowadays I'd advise anyone to NEVER GO INTO DEBT. Ridiculous as that sounds. 

Sometimes, you have to lose a lot of money to become teachable. The first girl to win a million plus quid in the Lottery, as a sixteen year old, ended up blowing the lot. Then she had just a grand in the bank, but settled down well. 

Too many kids are wrapped up in cotton wool. Yes, there are dangers, but there comes a time when they have to fly. No wonder so many young adults can't handle relationships. 

Thank you for pinging back - and I'm very pleased to have been potentially useful to you and her.

Hi Number! I think you have got my predicament completely right. I am cautious about piling on extra pressure, and opening her up to fraud and scams. Although she will need to understand how to organise her finances, there is no great rush.

Your advice is very much appreciated. Thank you. 

Thank you. It really is a minefield, there will be many things I hadn't thought of (pretty sure I have ASD too, so most of my learning is through experience). I think online banking can be a great thing to have, but also adds a layer of vulnerability. Thank you for your advice. 

Hello NAS84823, I'm Number (Ironically enough, given what I am about to say)

I am not the type of chap (for starters, I'm oldish - in my 50's) whom you might expect to say this, but it is so true.

PLEASE don't foist "financial life skills" on your 16 year old simply because you would like her to learn them.

I mean this with no accusatory tone, nor implied criticism of you and what you have asked above - I am just giving you my perspective based on my own life experience.

I'm flipping hopeless (and yet amazing) with financial life skills.  I sincerely wish people (ie parents, friends, employers etc) had allowed me to say "look, this just isn't what I should be allowed to manage for myself, please take care of it for me."

So.......my thoughts/experiences on this are as follows.........keep managing it yourself but bring her in to look at what you are doing and how you are doing it and explain why you are doing it that way.  If she shows interest and aptitude, let he start taking over a bit and see how it goes.  HOWEVER, please also do not assume that, just because she is capable and bright that she necessarily wants to, or is safely capable of, managing the pure nonsensical topic of "financial life skills."  Some of us auti's are simply not cut out for it and nor do we want it, but "normies" seem to consider it as a skill or right-of-passage akin to breathing !

Just my opinion, proffered to broaden your resource of opinions.

I wish you both well.

Kind regards.

This is a difficult one that we wonder about too. My son is nearly 15. 

He has recently opened a bank account with a card as all his friends have one. We had to explain to the bank that we would need to help with completing the forms as he would not be able to. We transfer a limited amount of his money to his account as he needs it. We are hoping this is helping, but one day this will not be an option.

I think it is also more difficult now as lots of banks are closing and people relying on online banking. I don't think he would cope with this. He struggles to remember passwords and follow lots of instructions.