‘Do I have a trust fund?’ Viral ‘teenager texts’ highlight how little some kids know about money
- Chip Leighton's "teenager texts" on social media hilariously call out questions from kids to their parents, such as "Do I need to tip the eye doctor?" or "Hey, is the ATM going to be open later?"
- Leighton says it's not necessarily that today's kids know less about money-related topics, it's just that these questions are more likely documented now.
- Still, there is a growing push to teach financial literacy in schools.
Chip Leighton knows how funny kids can be.
Social media posts by the creator of "The Leighton Show," which have collectively been seen more than 250 million times, hilariously highlight some of the texts teenagers send their parents. Many are related to money.
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"A mom told me the other day that when she told her teenager that she'd registered for a 401(k) at her new job, the response was 'How much is that in miles?'"
Leighton, who has two children of his own, receives thousands of messages from parents of teenagers across the country — some of which he uses for content. "There's definitely a lot of good money ones," he said.
Often questions are the most basic, from "Do I need to tip the eye doctor?" to "Hey, is the ATM going to be open later?"
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Leighton said it's not necessarily that today's kids know less about financial topics, it's simply that these questions are more likely documented in a text now.
"I tell parents not to sweat it, but there are a few doozies in there," he said.
Among other recent queries: "What is generational wealth and why don't we have it?" and "Do I have a trust fund?" Another classic: "What is my net worth?"
His new book, "What Time Is Noon?," covers some of the best — or worst — texts from teenagers.
One section is devoted entirely to money-related topics, often related to a first job or taxes. With no shortage of material, a sequel is likely to follow, he said.
Leighton retired from a corporate career last year. Being a social media content creator is now his full-time second act.
The value of learning financial basics
In many ways, these could be teachable moments, Leighton said — and there has been growing momentum to cover these topics in high school.
As of 2024, only half of all states require or are in the process of requiring high school students to take a personal finance course before graduating, according to the latest data from Next Gen Personal Finance, a nonprofit focused on providing financial education to middle and high school students.
"In the absence of a national or state-wide strategy to teach youth about personal finance in schools," there is something to be said for online communities that "openly talk about money and finances," said Billy Hensley, NEFE's president and CEO. Hensley is also a member of the CNBC Global Financial Wellness Advisory Board.
However, there should an "overall strategy for your individual financial management," he said.
Many studies show there is a strong connection between financial literacy and financial well-being.
Students who are required to take personal finance courses starting from a young age are more likely to tap lower-cost loans and grants when it comes to paying for college and less likely to rely on private loans or high-interest credit cards, according to a 2018 study by Christiana Stoddard and Carly Urban for the National Endowment for Financial Education.
Students are also even more likely to enroll in college when they are aware of the financial resources available to help them pay for it.
Further, students with a financial literacy course under their belt have better average credit scores and lower debt delinquency rates as young adults, according to data from the Financial Industry Regulatory Authority's Investor Education Foundation, which promotes financial education.
In addition, a 2018 report by the Brookings Institution found that teenage financial literacy is positively correlated with asset accumulation and net worth by age 25.
Among adults, those with greater financial literacy find it easier to make ends meet in a typical month, are more likely to make loan payments in full and on time and less likely to be constrained by debt or be considered financially fragile.
They are also more likely to save and plan for retirement, according to data from the TIAA Institute-GFLEC Personal Finance Index based on research collected annually since 2017.
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