Some Philadelphia teens get crash course in financial literacy

Hadas Kuznits
July 19, 2019 - 6:48 pm

Hadas Kuznits/KYW Newsradio

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PHILADELPHIA (KYW Newsradio) — Some Philadelphia teens got a crash course in financial literacy this afternoon.

Interns from throughout Philadelphia got a free financial literacy class on the same day they were due to receive their first summer paychecks.

CPA Stephanie Wright volunteered to teach kids about managing their finances on behalf of the Philadelphia Youth Networks’ summer jobs program.

Stephanie Wright
Hadas Kuznits/KYW Newsradio

She described some of the common mistakes kids might make with their money.

“I think it’s really easy when a kid gets their first paycheck to get blinded by the money, and say, ‘I want to spend it on everything, parties, and going out and things like that.’ They tend to lose some of that longer term, I need to save and have some goals for the future,” Wright said.

Seventeen-year-old Anna Thomas says one of the most important things she learned was what it means to pay yourself first.

“Before, I thought it meant just treating yourself sometimes, but pay yourself first is put away that extra money as soon as you get it — just so you know you’re building up for something more,” she said.

The teens also received a basic overview on budgeting, credit and investing.