Have These Money Talks Before Sending Your Teen to College

For many teenagers, college is the first time they make money decisions without parental assistance. But if they don’t fully understand how finances work, they leave themselves open to making costly and long-lasting mistakes.

“Many teens don’t intuitively know how to manage money. That’s why it’s critical for parents to sit down with their kids and have an open and honest discussion about financial basics,” said Michael Sullivan, a personal financial consultant with Take Charge America, a nonprofit credit counseling and debt management agency. “Providing that foundation will give kids the conf...