Most parents know that it’s important to teach children how to manage money responsibly. But sometimes that is easier said than done, especially when kids hit the teen years and have less parental supervision and more social contact with peers. Teenagers often feel they need to spend a lot of money on clothes, music and social activities in order to keep up with their friends. But kids this age need money management skills before they move out on their own and face adulthood. Parents can help by teaching their kids about online banking, even during the teen years.

When teaching teens about online banking, show rather than simply lecture them. Walk them through how to set up and manage an online account, starting off with whatever savings or gift money they have already. Maintain supervision over your teen’s banking activity by limiting what access they’re allowed to have, or show them a sample account but hold off on allowing an actual account until they’re ready to move out on their own or otherwise reach adult status. Emphasize privacy and security, such as the importance of a quality password, and discuss the need to keep passwords secret and change them occasionally.