New money tool helps teens plan ahead

Help your clients engage their teens on the consequences of good and bad money by sending them to Dollar Decision$, a new interactive scenario simulator from the Investor Education Fund (IEF).

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The site takes teens through the process of real-life financial decision making. At each stage participants make choices in saving, spending and investing, and learn the impact they have on their goals.

They can consult online references that build knowledge and skills in budgeting, using credit, working and finding the resources they need to reach their objective. Each decision leads to a different outcome, enabling teens to try the games again and fully understand the impact of their actions.

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Research done for the IEF in 2012 found seven in 10 Canadian high school students said financial knowledge is an important skill that they want taught in their classrooms.

Game features, including a mobile version and more scenarios, will be released later this year and in 2014.

Read: Tax tips for students

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.