Belonging to an economically secure household affects the health and well-being of youth. So does having the skills needed to earn and manage their own money. Young people need to understand how money works. This feeling of control helps them to think optimistically.
Economic security and financial literacy contribute to resilience when:
- The youth does chores in the household and accepts this as part of his or her role in contributing to the household.
- The youth has a part-time job or earns an allowance by contributing work to the household.
- The youth has opportunities to develop a work ethic: a good attitude toward work, punctuality, and organizational skills.
- The youth has opportunities to learn about and practise saving, budgeting, spending, and philanthropy.
Strategies for strengthening this factor:
- Develop financial literacy classes and workshops.
- Provide services to support youth in finding and retaining employment, co-op placements, and internships.
- Promote open communication about household finance.
- Encourage youth participation in budgeting processes.
Allow youth to contribute to their household through chores.