The high finance of parenting requires patience and inspiration more than money.

Young people are selfish. That’s a fact of life. Raging hormones, peer pressure, and identity issues are all hot ingredients in the cauldron we call teenage life, and dealing with these are not easy for them either.

It took me quite awhile as a parent to accept this without my irritability antennae going up. I used to be so frustrated as I watched my only baby girl transform from this sweet and delightful angel into a distant, pouting, mp3 devourer. But as soon as I found the inner resolve to see and feel about things as she did, I mellowed and learned to shut up and listen.

Result: she learned to communicate with more patience with her aging mom. We stopped talking to each other and had many, delightful two-way conversations. We talk about everything and anything, including sex, boys, body odor and David Archuleta vs David Cook. It was possible, after all, to drown the parental panic by repeating this in my head: “being self-absorbed is just a phase!”

Occasionally, I would insert a couple or more pointers about personal finance.  I admit, investing and saving money wisely are principles that don’t get into her mindstream as easily as “how to be cool when your crush is around.” But I can see that little by little, the messages are hitting home run.

Here are some things that worked for me:

1. Repetition. In the beginning, I had to accept that finance is farthest from her mind and that I will have to repeat concepts like interest and inflation. Just accept that and quell the frustration, I told myself. Explaining in simple terms is also important, and I use analogies as mush as I can. But don’t forget that while the youth financial vocabulary may be limited, they are not dumb, so no talking down to them.
2. Teaching is not the same as coaching. To me, it’s coaching that they need. Make teaching moments experiential and encouraging. Bring them to the grocery and show them how to compare apples with apples, not literally speaking of course! Make it fun; have a contest! Let them appreciate the wet market and don’t get discouraged by the complaints. Just pretend you’re deaf and smile!
3. Enable them to save and spend wisely. Give allowances as barya (change) and show them—not tell them—how to set aside at least 10% per day for their savings and another 10% for tithes before they go to school. Go with them to the bank to set up their account and make a big deal out of it! You can let your teenager meet the manager for an experience she will never forget.
4. Follow up regularly. They will do it when you know you will follow up and ask them how they are doing with their goals. It’s never too early for kids to learn the joy of goal setting—but don’t push too hard!
5. Set up financial accounts with them. Start with a bank account, then a time deposit, a mutual fund or unit investment trust fund, an RTB and then an online stock market account, in that order. Don’t be afraid if they lose money from time to time in their financial placements. That’s life—even for adults!

The youth will be a crucial part of financial literacy work because of their sheer numbers. Look at these figures from the World Bank:

Young people are not only the future, they are also the now. In 2007, the number of people worldwide aged 12-24 reached 1.3 billion, the largest in history. Nearly half the people of the world today are under 25 years old. Nine out of ten of these young people live in developing countries. More importantly, the majority of the developing world’s poor are children and youth.

So let’s prepare them for the future. Would love to hear how you were taught by your parents or how you are teaching your children now!