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Financial literacy is a crucial skill for teenagers to develop as they prepare for adulthood. By learning how to manage their money effectively, they can avoid common financial pitfalls and set themselves up for future success.

One important aspect of financial literacy is understanding the basics of budgeting. This means learning how to create a budget, track expenses, and save money for short- and long-term goals. By developing these skills early on, teenagers can avoid debt and build a strong foundation for financial stability in the future.

Another crucial component of financial literacy is understanding how credit works. This includes knowing how to establish and maintain good credit, as well as how to avoid high-interest debt. With this knowledge, teenagers can make informed decisions about credit cards, loans, and other financial products.

Finally, it’s important for teenagers to understand the value of investing. While it may seem daunting at first, learning about stocks, bonds, and other investment options can pay dividends in the long run. By starting to invest early, teenagers can take advantage of compound interest and potentially grow their wealth over time.

Overall, developing financial literacy is an essential step for teenagers on the path to adulthood. By learning about budgeting, credit, and investing, they can build strong financial habits and set themselves up for future success.

Vocabulary

– Literacy: грамотность

– Pitfalls: ловушки, проблемы

– Budgeting: планирование бюджета

– Expenses: расходы

– Debt: долг

– Financial stability: финансовая устойчивость

– Credit: кредит

– High-interest debt: долг с высокими процентами

– Investment: инвестиция

– Compound interest: сложные проценты

– Wealth: богатство

Tasks

Task 1 (Beginner level):

Match the following words to their definitions:

1. Literacy

2. Pitfalls

3. Budgeting

4. Debt

5. Wealth

a. The state of being financially stable.

b. The ability to read and write.

c. Problems or difficulties that may arise.

d. A plan for managing money.

e. A large amount of valuable possessions or money.

Task 2 (Intermediate level):

Answer the following questions based on the text:

1. Why is financial literacy important for teenagers?

2. What are some key components of financial literacy?