Personal Finance Tips and Tools Every Teen (and Parent) Should Know

Whether your teen has landed their first summer job, is saving up for college, or another big purchase, these formative years serve as a great time to build a strong financial foundation. Today’s tech-savvy teens have more tools and resources at their fingertips than ever before. Yet, research consistently shows parents are still the primary teachers when it comes to money. In fact, 93% of parents with children under the age of 18 report teaching their kids about finances to some degree. However, only 41% of parents report actually opening a savings account for their kids to put their knowledge into action. At WSFS, our team of trusted advisors can support you and your children on their financial journey.

Build a Savings Foundation

The cornerstone of teen finance is simple: open a savings account and watch good habits take root. Placing allowance money or job earnings into an account rather than a piggy bank teaches that money can grow when saved and the power of compound interest. With online and mobile banking, your children can see their balance steadily getting closer toward goals while reinforcing the payoff of patience and discipline.

This also serves as a great way to talk to your kids about budgeting and the 30/70 rule: allocating at least 30% toward saving for long-term goals and 70% toward everyday expenses. By teaching this habit before major bills, like a mortgage or student loans, your children create lasting money habits.

Develop Financial Habits

Alongside savings, teens need real-world practice with spending and budgeting. A checking account bridges the gap between the idea of money and real-life financial decisions all under parental oversight. With a campus account, specifically designed for teens, they have access to online and mobile banking, a debit card, and a secure place for any direct deposits for part-time jobs. This allows them to see every deposit and purchase in real time, set alerts on balances, and understand how tapping a card or buying online affects their overall financial picture.

Level-Up Skills with Digital Tools

Tech-focused tools make managing money fun and transparent. Beyond traditional online and mobile banking tools, apps like Greenlight can motivate saving and responsible spending. The tool empowers kids and teens to earn, save, and spend wisely with practical money management experience and features like automated allowances and spending limits. Through the partnership, kids get hands-on money management experience and access to Greenlight Level Up™, a fun, in-app financial literacy game with best-in-class curriculum, educational challenges, and rewards.

There are also parental controls in the app where you can:

• Send money to your child’s card
• Set spending limits by category to guide smart choices
• Turn your child’s card on or off
• Get notifications every time a purchase is made
• Assign chores and automate an allowance tied to completion

Lean on a Trusted Advisor

While it’s important to lead the conversations about finances in your own home, you can also rely on the trusted expertise of an Associate inside a banking office. Our team can walk your teen through the process of opening their first account and teaching them the basics of how to deposit money, avoid overdrafts, and review account statements.

Teaching your children the “why” behind financial habits goes a long way in establishing confidence with money. By encouraging open conversation, real-life experiences, and smart use of digital tools, parents can equip teens with skills that last a lifetime. To learn more about the tools WSFS provides, set up an appointment with a WSFS Associate or visit one of our banking office locations.