Financial expert shares tips to help teenagers learn money management with summer jobs

AUSTIN (KXAN) -- For the first time in more than a decade, teenagers working summer jobs hit a 14-year high.

The latest numbers show overall, more than 6 million U.S. teens (36.6%) had a paid summer job.

That is the highest teen summer employment rate since 2008, according to a Pew Research Center analysis of data from the Bureau of Labor Statistics.

“I have six kids, all six of them have left the nest,” said financial planner Gregg Murset. “And all of them had more than $10,000 saved up before they left. Like, that's a mind blowing amount to me.”

For the Murset family, financial literacy started in house with paid chores.

“We always need something to get done around our house, use chores. Don't just let them sit around and wait for somebody to call them back, get after it. And let them do stuff around your house, earn some money, and then practice with it.”

 Murset, a co-founder of a Busy Kid teaches parents how to teach their kids about money management.

He suggests a balanced financial approach for teens, much like what working adults do with their paychecks.

“It's that easy. You split the money up. Some of it goes into saving and investing. Some of it you share with charity… then you spend the rest and you do it with a card.”

Emphasis on the word card not cash.

“Gone are the days that we can like give them some cash, and they stick it in their piggy bank, or jars or envelopes or something like that. We have to throw that all away and use technology, they're good at it. They like it. It makes sense to them to use it.”

Financial sense by learning how to manage money at a young age.

“Teach them earlier. Let them practice, let them get good at it.”