What do teens know about money? It's green, they never have enough of it and for some it seems to magically appear from the bank of Mom and Dad. Perhaps a better question is what don't teens know about money, or for that matter finances in general?
Thanks to the fact that most teens rely on their uninformed peers to answer their pressing financial questions, there is plenty of misinformation passed around which makes it even harder for teens to get the straight facts about money and other personal finance topics like credit scores and banking.
To address this problem the Consumer Federation of America and FoolProofMe.com have gathered the Top 10 money myths held by teens.
Top 10 Money Myths Held by Teens:
I don't have to worry about credit at my age.
Bad credit can't keep me from getting a job.
All loan companies have the same rates.
All credit cards are alike.
The job of financial advertising is to tell the truth.
It's OK to bounce a few checks.
It's OK to make minimum payments on a credit card.
Paying late occasionally can't hurt my credit.
Fine print isn't important.
Young people don't have credit scores.