Binghamton, NY (WBNG Binghamton) Hundreds of high school students will receive their diplomas this weekend. Along with getting a diploma, they're faced with handling their own money, many for the first time.
According to a study by ING Direct, 87 percent of teens say they don't know much about personal finance.
M&T bank branch manager LoriAnne Welch says there's three keys for students to be financially independent.
The first: Open a checking account. Welch says to look for accounts focused around students.
Second, open a credit card with parents to help establish credit.
"Right now, as a young person going into the world, they are a blank slate. The decisions they make regarding their credit now can really carry with them for a long period of time," Welch said.
She also recommends talking to children early and often about money and managing money.
"As a student they don't have a lot of funds, we want to make sure that we are helping them protect what they have," Welch said.
Welch also says to pay attention to ATM and overdraft fees.