How to teach your bored teenager about investing | #socialmedia | #children

“My skin is very good. I think it must be a combination of love and Lucozade,” said Adrian Mall, a fictional socially awkward teenager in 1981.

2021 social media-enabled teenagers have filters to fix problematic skin. But undoubtedly they have a bigger problem, sticking to the screen during the long summer vacation, and teens can come across a “finfluencer”. YouTube, Instagram, TikTok.

Darren Collins, a teacher at Sittingbourne School in Kent and a recipient of the 2020 Interactive Investor Personal Finance Teacher of the Year Award, warns: He actually teaches his parents some of what he has learned from my class. Still, every student like him has some other kids who are crazy about the cryptocurrency Dogecoin after seeing it advertised on TikTok.

This month, TikTok banned financial and investment advertising. This is a policy change hoping for the end of financial firms that impose suspicious investments and misleading advertising.

TikTok’s system is expected to be robust enough to detect and eliminate content that violates the revised policy. However, the ban may also prevent the public from reaching the public with useful, informed financial content from well-meaning businesses and professionals.

Social media is likely to remain like the Wild West, so I plan to teach my family teens four lessons centered around three tactics this summer.

  1. Have a supper conversation (hopefully some). As a country, families don’t talk enough about money. And an obvious place to get the attention of teens, away from their friends and cluttered rooms, is over dinner.

  2. She claims to be monitoring selected investment-related screen times that are longer than 60 seconds and more informative. We will also discuss dinner.

  3. Pay her to do something special — £ 4.62 per hour, the minimum wage for a group of 16-17 years.

If she completes all four lessons, in addition to paying, she will clean up the room for the rest of the vacation and not ask her to take her out for the meal she chose before returning to school. I promise.

The lesson plan is as follows.

Lesson 1: Influential person

Conversation 1: The hashtag #FinTok has been viewed over 420 million times on TikTok. Have you seen the #FinTok video? Do you get money advice from social media?

Conversation 2: How can I avoid bad social media content?

  • Just because you have a lot of followers doesn’t mean that influencers are automatically worth listening to. Look for evidence — background, experience, qualifications.

  • Suspect anyone making money by promoting a product, investment, or strategy. If finfluencer really has a strategy to beat the market, why are they talking to everyone about it on social media?

  • Don’t believe the story of “gambling scams”. It is possible to make a big profit with a small investment, but it is rare.

Screening time: Social dilemma (Netflix), tech experts warn of the dangerous human impact of social networking.

Pay her: Investigate influencers and find good and bad points. Look behind the headlines of finfluencers motives and what they are promoting.

First, try the following:

@calltoleap and 800,000 TikTok followers are teachers named Steve who achieved financial freedom at the age of 33. Why does he feel the need to whiplash trading coaching ($ 1,657 a year in a premium package)? Some of his videos look wise, but do you need to step carefully?

@lookingafteryourpennies is a former teacher Charlotte Jessop who looks like a nerd and has some great tips. How does she make money? Can you find the disclaimer?

Lesson 2: Cryptocurrency

Conversation 1: According to an Interactive Investor survey by Opinium in June, nearly half (45%) of 18-29 years old are experiencing high-risk cryptocurrency investment for the first time. One-fifth is investing in Bitcoin at some point, half of which goes into debt (including credit cards and student loans) to raise money. Why is this dangerous?

Conversation 2: Tesla CEO Elon Musk likes Bitcoin, but also emphasizes the environmental impact of cryptocurrencies. It consumes as much electricity as a medium-sized European country.

Screening time: Description: Cryptocurrency (Netflix). A quick and excellent introduction from 2018 on how blockchain technology is changing our world. Narrated by Christian Slater, it combines animation, archived news footage, and humor.

Pay her: watch Bitcoin — The End of Money We Know (2015) On YouTube. Award-winning documentary.

Lesson 3: Sensitive investment

Conversation Starter 1: How is your Junior Isa invested? What can I invest in other than cryptography? Learn about UK and international equities and collective investments. Since January 1, 2020, young investors on the Interactive Investor platform have beaten older investors in terms of performance and are also the group that holds most of the oldest types of collective investments, most trustees. ..

Conversation Starter 2: Use your investment to change the world. According to the Make My Money Matter campaign, UK pensions have £ 2.6 trillion. This money will be invested to build our savings for the future. But from fossil fuels to tobacco, from exploitation to mining, these investments can often conflict with our values. Is it more important to you to improve the environment and society?

Screening time: Become Warren Buffett (2017) is a great introduction to long-term investment for £ 3.49 to rent on Amazon Prime.My teen saw it Last year’s summer school So I will provide it too Rogue trader (1999), suitable for teens who want to learn about the dark side of investment (and can deal with violence).

Pay her: Read the Financial Times award-winning teenager investment essay. For more money, read the classic Money and Investment book. Rich dad, poor dad By Robert Kiyosaki.

Lesson 4: Simple life and financial independence

Conversation Starter 1: What do you buy for £ 100? Is it what you want or what you need?

Conversation Starter 2: How can I save money as a family?

Screening time: trader (2018) On Netflix. Set in the countryside of Georgia, where potatoes are the currency, we are following travel agencies selling second-hand goods to the miserable poor.

Pay her: to see Minimalist: few now (2021) An interesting documentary on Netflix about how to make our lives better with less.

I hope she is grateful for taking these lessons. But if she doesn’t do it right away, she’ll probably do so in the future when she earns well over £ 4.62 per hour.

Moira O’Neill is Head of Personal Finance for Interactive Investor.

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