Children, young people and pupils
Managing money is important for everyone, regardless of age.
Even children and teenagers often have some money – though usually only small amounts. They have to decide what they want to spend it on or save it for.
Accordingly, they need to budget and plan with their own money. This poses different challenges, especially for adolescents. Adolescents often experience peer pressure, for example to own expensive designer clothes or the latest smartphone in order to be recognized by their circle of friends. It can therefore be particularly difficult for teenagers to prioritize their consumption decisions and avoid impulse purchases. From the age of 14, young people in Austria, though still considered minors, have a limited capacity to earn their first income (for example as apprentices or interns). This new-found independence is great, but it can also be a disadvantage, if young people spend more money than they have. Early debt is a possible consequence of poor financial management at a young age.
Choosing their education path is an important decision for young people, which also has financial implications later on. The choice of school and career is decisive for young people’s future income and should be made carefully. Comprehensive information on job prospects and opportunities is necessary to set the course for a successful career and a solid income in adulthood early on. It is important for young people to gain early work experience, for example through internships, to learn more about their interests.
Promoting financial education at school and an open dialogue on financial topics within the family and among friends can help make children and adolescents fit for their financial future.
There are many offers available in Austria to prepare young people for financial issues in the best possible way.
