How Can A Teenager Make Money? Profitable Ideas

Are you a teenager looking for ways on How To Make Money As Teenager and manage your finances better? This article from money-central.com explores a range of money-making opportunities tailored for young individuals, focusing on flexibility, skill development, and financial literacy. Discover side hustles that not only boost your income but also equip you with essential financial skills for a successful future such as saving habits, budgeting skills, and investment knowledge.

1. What Side Hustles Can a 14-Year-Old Do?

Yes, a 14-year-old can definitely pursue side hustles. Babysitting, pet sitting, and lawn mowing are popular options that allow teens to earn money while managing their school schedules. Online activities like completing surveys or creating content can also be profitable and flexible. These roles help young individuals learn responsibility and time management, both crucial for financial independence.

According to a 2023 report by the Pew Research Center, approximately 37% of teenagers aged 14-17 are involved in some form of part-time work or side hustle. Such engagement not only provides them with disposable income but also introduces them to the basics of financial management. This early exposure can lead to better financial decision-making in adulthood.

2. How Can a Teenager Earn $1000 Quickly?

Earning $1000 as a teenager involves combining multiple side hustles and consistently dedicating time to them. Tutoring, lawn care, pet sitting, and selling handmade products online are viable options. Offering services like babysitting or freelance graphic design can also help reach this financial goal. The key is consistency and diversifying income streams to meet the desired target.

Here’s a detailed breakdown of potential earnings:

Side Hustle	Rate Per Task/Hour	Tasks/Hours Per Week	Weekly Earnings	Time to Reach $1000
Tutoring	$20/hour	5 hours	$100	10 weeks
Lawn Care	$50/lawn	2 lawns	$100	10 weeks
Pet Sitting	$25/day	3 days	$75	13.3 weeks
Handmade Crafts Sale	$30/item	2 items	$60	16.7 weeks

This table illustrates how combining different activities can accelerate the earning process and help achieve the $1000 goal more quickly.

3. What Are Good Ways for a 15-Year-Old to Make Money?

A 15-year-old can make money through various flexible side hustles like tutoring, pet sitting, lawn mowing, and online content creation. These jobs can fit around a school schedule, allowing teens to earn money while gaining valuable experience. Skills developed in these roles, such as communication and time management, are beneficial for future employment opportunities.

These opportunities provide not only income but also practical experience. According to a survey by Junior Achievement USA in 2024, 62% of teenagers believe that having a part-time job or side hustle is important for developing crucial life skills.

4. What Are the Top Side Hustles for Teenagers?

The best side hustles vary depending on skills, but popular options include tutoring, freelancing in areas like graphic design or writing, and selling products online. For teens, jobs like pet sitting, lawn care, and babysitting are also in high demand. These offer flexibility and steady income opportunities, making them ideal choices for balancing school and work.

Consider these popular side hustles for teenagers with key statistics:

Tutoring: Demand for tutoring services has increased by 20% in the last year, driven by the need for academic support post-pandemic.
Freelancing (Graphic Design/Writing): The freelance market is growing, with a projected increase of 15% in the next five years, offering ample opportunities for creative teens.
Pet Sitting: Pet ownership is on the rise, creating a consistent demand for pet sitting services, with an average earning potential of $25-$50 per day.
Lawn Care: Seasonal but reliable, lawn care services can generate significant income during the summer months, with potential earnings of $40-$70 per lawn.
Babysitting: A classic choice, babysitting remains popular, with hourly rates typically ranging from $10-$15, providing a steady income stream for responsible teens.

5. How To Make Money As Teenager – Freelance Graphic Design

With a graphic design business, teens can create logos, social media graphics, and other digital art for clients. Many businesses need eye-catching visuals for their brand, making this a valuable skill. Graphic design projects can pay $50 to $250 or more, depending on complexity and skill level. As experience grows, charging higher rates becomes possible.

To begin with a graphic design business:

Learn Design Basics: Start with free online tutorials on websites like Coursera and Skillshare.
Software Proficiency: Gain familiarity with design tools like Canva or Adobe Photoshop through online courses.
Portfolio Building: Create a free portfolio website using platforms like Behance or Adobe Portfolio.
Job Search: Look for projects on freelance platforms like Fiverr or Upwork.
Client Outreach: Contact local businesses and offer your services to build your client base.

A graphic designer teenager

Alt text: A teenage graphic designer is creating digital art on a computer, showcasing a modern and creative workspace.

6. How To Make Money As Teenager – Tutor Younger Students

Tutoring is an excellent way to earn money while helping others learn. Teens proficient in a subject can teach it to younger kids, offering in-person or online sessions. Subjects like math, science, and languages are often in high demand. Hourly rates for teen tutors typically range from $15 to $25, increasing with experience.

To start tutoring effectively:

Identify Strengths: Determine which subjects you excel in and can confidently teach.
Choose Your Medium: Decide whether to tutor in person or online, based on your preference and availability.
Set Your Rate: Research local rates for tutoring services and set a competitive hourly rate based on your experience.
Advertise Services: Use social media, community boards, and tutoring websites to promote your services.
Seek Referrals: Ask teachers and friends for referrals to expand your reach.

7. How To Make Money As Teenager – Sell Handmade Crafts Online

Selling handmade crafts online allows teens to earn money by creating and selling items they make themselves. Popular crafts include jewelry, artwork, stickers, and knitted items. Creating an online store and marketing products effectively are key to success. Pricing crafts fairly by factoring in material costs and time is also essential.

Follow these steps to start selling crafts online:

Identify Your Niche: Determine what types of crafts you enjoy making and what is currently popular.
Build an Online Store: Use platforms like Etsy or Shopify to create an online store.
Product Photography: Ensure your product photos are high-quality with clear descriptions.
Pricing Strategy: Price your crafts fairly by researching similar items and factoring in material costs and your time.
Marketing: Promote your store on social media and through local craft fairs.

A teenager making crafts to sell online

Alt text: A teenager is engaged in crafting, showcasing her creativity while preparing handmade items for sale online.

8. How To Make Money As Teenager – Pet Sitting

Pet sitting involves looking after dogs, cats, or other pets while their owners are away. This job allows teens to earn money while interacting with animals. Tasks include feeding, walking, and playing with pets. Rates vary, with potential earnings of $10-$30 per visit or $50-$100 for overnight stays.

To successfully start pet sitting:

Networking: Ask friends and neighbors if they need pet sitting services.
Join Apps: Sign up on apps like Rover or PetSitter.com to find clients.
Service Offering: Offer services such as feeding, walking, and playing with pets.
Rate Setting: Set your rates based on your location and experience.
Legal Compliance: Check for any age limits on pet sitting apps.

9. How To Make Money As Teenager – Lawn Mowing Services

Lawn mowing services require basic tools and can generate significant income during the summer. Teens can charge $40-$70 per lawn, mowing grass, pulling weeds, and trimming bushes. With consistent effort, this can amount to over $3,000 in a summer. Lawn mowing is a side hustle that gives a teen a chance to get into a business.

To start and maintain a lawn mowing service:

Equipment Acquisition: Purchase or borrow a lawnmower and basic gardening tools.
Skill Development: Learn the basics of lawn care if you’re not already familiar.
Marketing: Ask neighbors if they need help and put up flyers on social media.
Business Expansion: Buy more tools as your business grows.

A teenage boy mowing the lawns

Alt text: A teenage boy is mowing a lawn, demonstrating a practical side hustle that can earn substantial income during the summer months.

10. How To Make Money As Teenager – Babysitting

Babysitting is a reliable side hustle for teens, offering opportunities to watch kids after school or on weekends. Taking a babysitting class and learning CPR and first aid can enhance your appeal to parents. Hourly rates typically range from $10-$15, with potential for higher rates for multiple children or late hours. Babysitting gives a teen a chance to be responsible and learn how to handle emergencies.

To succeed as a babysitter:

Education: Take a babysitting class to learn important skills.
Certification: Learn CPR and first aid to enhance your appeal.
Networking: Ask your parents to spread the word to friends and neighbors.
Online Platforms: Sign up on safe babysitting websites or apps.
Professionalism: Be on time and follow the family’s rules.

11. How To Make Money As Teenager – Online Surveys

Online surveys offer an easy way to make extra money by sharing opinions on products and services. Many survey sites welcome teen participants, including Swagbucks, Survey Junkie, and YouGov. While the pay is generally low, the work is simple and flexible, allowing teens to earn money whenever they have free time.

Here’s how to get started with online surveys:

Platform Sign-Up: Sign up on survey sites that accept your age group.
Profile Creation: Create a profile and answer screening questions.
Honesty: Be honest in your answers to avoid getting banned.
Time Management: Dedicate free time to complete surveys.

12. How To Make Money As Teenager – Social Media Management

Social media management involves helping businesses and individuals improve their online presence. Tasks include creating posts, engaging with followers, and growing social media accounts. Skills in using different social media platforms and familiarity with current trends are essential for success.

A teenager can start a social media management business with these steps:

Skill Development: Develop expertise in using various social media platforms.
Service Offering: Offer services like content creation, scheduling posts, and responding to comments.
Client Acquisition: Reach out to local businesses or look for opportunities online.

13. How To Make Money As Teenager – Blogging

Starting a blog on topics you enjoy, like video games, fashion, or sports, can be a rewarding side hustle. While there are costs associated with hosting and a website name, potential revenues can be quite high. To begin, pick a topic you love and create a plan for your blog, then set it up using a platform like 10Web’s AI Website Builder.

Blogging can become a side hustle by following these steps:

Niche Selection: Pick a topic you love and know a lot about.
Content Planning: Create a plan for your blog, thinking about what kinds of posts you’ll write and how often.
Website Setup: Use a platform like WordPress to set up your blog.
Monetization: Use ads, sell products, or work with brands.

14. How To Make Money As Teenager – Virtual Assistant

Working as a virtual assistant allows teens to help businesses or individuals with tasks online, such as managing emails, scheduling appointments, and conducting research. Basic skills in typing, organization, and communication are important. Look for jobs on websites like Upwork or Fiverr, and set your rates based on your skills and experience.

Being a Virtual Assistant allows a teen to learn and earn through these actions:

Skill Building: Develop basic skills in typing, organization, and communication.
Job Search: Look for virtual assistant jobs on websites like Upwork or Fiverr.
Client Outreach: Reach out to local small businesses that might want online support.

15. How To Make Money As Teenager – Photography

Photography can be a fulfilling side hustle, starting with just a smartphone camera and creativity. Teens can take photos of events, people, or nature, and sell them online through stock photo websites. Social media is a great way to show off your work and connect with other photographers.

Photography side hustle can be achieved through these actions:

Skill Development: Practice different techniques to improve your skills.
Online Sales: Sell your photos online through stock photo websites.
Local Services: Offer photo shoots for friends and family.
Social Media Promotion: Create an Instagram account to share your best shots.

A teenage girl with a camera taking photos

Alt text: A teenage girl is capturing moments with her camera, highlighting her passion for photography and its potential as a profitable side hustle.

16. How To Make Money As Teenager – YouTube Channel

Starting a YouTube channel allows teens to create videos about topics they enjoy, such as gaming, music, or fashion. Post videos regularly to keep viewers engaged and monetize your channel through ads and sponsorships. Building a successful channel takes time and effort, but it can be a rewarding experience.

Here’s how to start a thriving YouTube channel:

Content Creation: Pick a topic and make some videos.
Editing: Edit your videos with free apps to make them look better.
Consistency: Post your videos regularly to keep viewers coming back for more.
Monetization: Make money from ads on your videos or through sponsorship deals.

17. How To Make Money As Teenager – House Cleaning

House cleaning involves offering basic services like dusting, vacuuming, and mopping floors. Busy adults are often willing to pay someone to clean for them. Teens can charge $15 to $25 per hour as beginners, increasing their rates with experience.

Taking on House Cleaning as a Side Hustle includes:

Service Offering: Offer basic services like dusting, vacuuming, and mopping floors.
Marketing: Make some flyers to hand out in your neighborhood.
Customer Service: Be sure to do a good job to get positive reviews and more clients.

18. How To Make Money As Teenager – Car Washing

Car washing is easy to start and doesn’t need much equipment. Teens can wash cars in their neighborhood or set up a small business. Services include basic washes, waxing, or interior cleaning. Prices vary, but teens might charge $15 to $30 per hour.

Car Washing can become a side hustle if a teen follows these steps:

Supply Acquisition: Get a bucket, car soap, sponges, and towels.
Service Offering: Offer different services like basic washes, waxing, or interior cleaning.
Rate Setting: Research what others in your area charge to set fair prices.
Customer Service: Remember to do a good job and be friendly.

19. How To Make Money As Teenager – Selling on eBay

Selling items on eBay that you no longer need or flipping products for profit can be a lucrative side hustle. Set up an account, take clear photos of your items, and write good descriptions to attract customers. Good customer service is essential for getting positive feedback and selling more in the future.

To earn money through Selling on eBay a teen needs to do the following:

Account Setup: Set up an account on eBay.
Product Photography: Take clear photos of your items.
Description Writing: Write good descriptions to attract customers.
Customer Service: Provide good customer service to get positive feedback.

20. How To Make Money As Teenager – Create Printables

Printables are digital files that people buy and print at home, such as planners, calendars, or worksheets. Create printables and sell them on sites like Etsy or Gumroad, setting fair prices and making eye-catching listings to attract buyers. This side hustle allows teens to be creative and work from home.

A Teenager can earn by making and selling printables following these guidelines:

Idea Generation: Think about what kinds of printables you want to create.
Creation: Use basic programs like Google Docs to make your printables.
Sales: Sell them on sites like Etsy or Gumroad.
Marketing: Make eye-catching listings to attract buyers.

21. How To Make Money As Teenager – Bake and Sell Cookies

Baking and selling cookies can be a fun way to make money. Teens can start by perfecting a few simple recipes like chocolate chip or sugar cookies and selling them to friends, family, and neighbors. Check local laws about selling food from home and create appealing packaging for your treats.

Baking and selling cookies can turn into a lucrative side hustle for a teen if he/she:

Recipe Perfection: Perfect a few simple recipes like chocolate chip or sugar cookies.
Initial Sales: Try selling to friends, family, and neighbors first.
Market Expansion: Branch out to local events or farmer’s markets.
Legal Compliance: Make sure to check your local laws about selling food from home.
Packaging: Use clear bags or boxes so people can see your yummy creations.

A teenager baking cookies in a kitchen, with trays of freshly baked cookies on the counter.

Alt text: A teenager is happily baking cookies in a kitchen, showcasing the potential of a sweet side hustle with freshly baked treats.

22. How To Make Money As Teenager – Participate in Paid Studies

Participating in paid studies involves joining online focus groups and sharing thoughts on products or services. Many companies seek feedback from teens. Websites like Survey Junkie and Swagbucks offer surveys and product tests you can do from home, paying with gift cards or cash through PayPal.

A teenager can earn through paid studies through these actions:

Platform Sign-Up: Join online focus groups on websites like Survey Junkie and Swagbucks.
Participation: Share your thoughts on products or services.
Compensation: Get paid with gift cards or cash through PayPal.

23. How To Make Money As Teenager – Affiliate Marketing

Affiliate marketing involves promoting products online and earning a commission when people buy through your links. Pick products you like and create content about them on social media or a blog, sharing honest reviews and tips. Building trust with your audience is essential for encouraging them to use your links.

In order for a teen to earn through Affiliate marketing, he/she needs to:

Product Selection: Pick products you like and know well.
Content Creation: Create content about these items on social media or a blog.
Honest Reviews: Share honest reviews and tips about using the products.

24. How To Make Money As Teenager – Mystery Shopping

Mystery shopping involves acting as a regular customer and checking out stores or services, then reporting back on your experience. Companies may pay $10 to $15 per task. Sign up with mystery shopping companies online, follow instructions carefully, and write clear reports to succeed in this role.

If a teen is interested in becoming a mystery shopper, he/she needs to:

Platform Sign-Up: Sign up with mystery shopping companies online.
Attention to Detail: Be detail-oriented and follow instructions carefully.
Reporting: Take notes during your visits and write clear reports.

25. How To Make Money As Teenager – Develop Mobile Apps

Creating apps can be a fun and rewarding way to make money. If you know how to code, you can build apps for phones and tablets. Start by learning a programming language like Swift for Apple devices or Java for Android. Offer your app for free but make money from ads or in-app purchases.

If a teen knows how to code, he/she can earn through mobile apps through:

Skill Development: Learn a programming language like Swift for Apple devices or Java for Android.
App Creation: Come up with an idea for an app that solves a problem or is entertaining.
Monetization: Offer your app for free but make money from ads or in-app purchases.

26. How To Make Money As Teenager – Transcribe Audio Files

Transcribing audio files involves listening to recordings and typing out what you hear. This job needs good typing skills and attention to detail. Many companies hire teens for transcription work, which can often be done from home on your schedule. Good spelling and grammar skills are also important.

If a teen wants to become an audio transcriber, he/she needs to:

Skill Development: Develop good typing skills, attention to detail, and good spelling and grammar skills.
Equipment Acquisition: You’ll need a computer, headphones, and fast internet.
Platform Registration: Register to a platform like Rev, TranscribeMe, and GoTranscript.

27. How To Make Money As Teenager – Online Gaming Streaming

Online gaming streaming allows teens to make money by broadcasting their gameplay to viewers. Platforms like Twitch, YouTube Gaming, and Facebook Gaming let you build an audience and earn money through ads, donations, and subscriptions. Streaming regularly and interacting with viewers are key to growing your channel.

If a teen wants to earn through online gaming streaming he/she needs to:

Platform Selection: Pick a platform and create an account.
Equipment Setup: Set up your streaming equipment like a microphone and webcam.
Streaming Consistency: Stream regularly to grow your following.
Viewer Interaction: Interact with viewers in the chat to keep them engaged.

A teenage boy sitting in a gaming chair with headphones on, streaming a live video game session.

Alt text: A teenage boy is engrossed in a live video game session, highlighting the potential of online gaming streaming as a fun and profitable side hustle.

28. How To Make Money As Teenager – Personal Shopping

Personal shopping involves helping others shop for groceries, clothes, or gifts. Teens can use apps like Instacart to find shopping gigs and set their rates based on the time and effort needed. Good communication is key to keeping customers happy in this role.

To get into personal shopping, a teen needs to:

Customer Acquisition: Ask family and friends if they need help with errands.
Platform Registration: Use apps like Instacart to find shopping gigs.
Rate Setting: Set your rates based on the time and effort needed.
Communication: Make sure to get clear lists from clients and double-check items.

29. How To Make Money As Teenager – Freelance Writing

Freelance writing allows teens to write about topics they enjoy and get paid for it. Many websites offer online writing jobs, including articles, blog posts, and social media content. Create sample pieces to showcase your skills and look for jobs on sites like Freelancer.com.

To become a freelance writer, a teen needs to:

Skill Development: Develop strong writing skills.
Sample Creation: Create some sample pieces to show your skills.
Platform Registration: Look for jobs on sites like Freelancer.com.

30. How To Make Money As Teenager – Create a Podcast

Podcasting involves talking about topics you love and sharing your thoughts with listeners. Get some basic equipment, plan out your episodes, and record your podcast in a quiet room. Promote your show on social media to gain listeners and potentially earn money through ads or sponsorships.

To create a podcast, a teen needs to:

Topic Selection: Pick a subject you’re passionate about.
Equipment Acquisition: You’ll need a microphone and recording software.
Planning: Plan out your episodes and write short scripts to guide your talking points.
Promotion: Promote your show on social media to gain listeners.

31. How To Make Money As Teenager – Sell Art Commissions

Selling art commissions is a great side hustle for artistic teens. Create custom artwork for clients based on their ideas or requests, showcasing your work on social media or a simple website. Set clear prices and guidelines for what you offer, and always get payment upfront, at least partially.

If a teen is artistic, selling art commissions is easy and can be done through these simple actions:

Portfolio Creation: Build a portfolio of your best work.
Promotion: Share it on social media or create a simple website to showcase your art.
Commission Guidelines: Set clear prices and guidelines for what you offer.
Payment Terms: Always get payment upfront, at least partially.

32. How To Make Money As Teenager – Review Products

Reviewing products allows teens to make money by testing new items and sharing their thoughts. Sign up for websites that offer product testing, such as Toluna or User Testing. Some companies will pay you to review their items, while others let you keep the products you test.

If a teen wants to review products and earn a side income, he/she needs to:

Platform Sign-Up: Sign up for websites that offer product testing, such as Toluna or User Testing.
Participation: Pick which items you want to review.
Testing: Test apps and websites for payment.

These side hustles provide diverse options for teens to make money and develop valuable skills. To enhance your success, money-central.com offers comprehensive articles, user-friendly tools, and expert advice to help you manage your finances effectively.

money-central.com: Your Partner in Financial Success

At money-central.com, we understand the unique financial challenges and opportunities that teenagers face. Whether you’re saving for college, a car, or simply want to have more spending money, our platform provides the resources and support you need to achieve your financial goals.

What money-central.com Offers:

Easy-to-Understand Articles: Learn about budgeting, saving, investing, and more with our clear, concise guides.
Financial Tools: Use our calculators to track your spending, estimate your savings, and plan for the future.
Expert Advice: Connect with financial advisors who can provide personalized recommendations and support.

Ready to take control of your financial future? Visit money-central.com today to explore our resources and start your journey towards financial independence. Don’t wait, your financial success starts now Address: 44 West Fourth Street, New York, NY 10012, United States. Phone: +1 (212) 998-0000. Website: money-central.com.

FAQ Section

1. What are the legal restrictions for teenagers working in the US?

The Fair Labor Standards Act (FLSA) sets federal standards for youth employment. For 14 and 15-year-olds, work is limited to outside school hours, with maximum hours per day and week, and restrictions on types of jobs. 16 and 17-year-olds have fewer restrictions but are still barred from hazardous occupations. States may have additional laws.

2. How can a teenager start investing with a small amount of money?

Teenagers can start investing with small amounts through custodial accounts, which allow adults to invest on behalf of a minor. Apps like Acorns and Stash offer fractional shares, enabling investment in stocks with as little as $5. Index funds and ETFs are also good starting points due to their diversification and low costs.

3. What are the best ways for a teenager to learn about personal finance?

Teenagers can learn about personal finance through online courses, books, and financial literacy programs. Websites like Khan Academy and Coursera offer free courses. Reading books such as “The Total Money Makeover” by Dave Ramsey can provide valuable insights. Additionally, participating in financial literacy workshops can offer hands-on experience.

4. How does starting a side hustle as a teenager affect future career prospects?

Starting a side hustle as a teenager can significantly enhance future career prospects by developing valuable skills such as time management, financial literacy, and customer service. It demonstrates initiative and entrepreneurial spirit, making them more attractive to potential employers. According to a 2023 study by the National Bureau of Economic Research, teenagers with early work experience tend to have higher earnings in their early careers.

5. What are some strategies for teenagers to save money effectively?

Effective saving strategies for teenagers include setting clear financial goals, creating a budget, and automating savings. Using budgeting apps can help track spending and identify areas to cut back. Automating savings by setting up regular transfers to a savings account ensures consistent saving habits. For instance, allocating a percentage of earnings from a side hustle directly to savings can quickly build a financial cushion.

6. How can teenagers manage their time effectively while balancing school, extracurricular activities, and a side hustle?

Effective time management involves prioritizing tasks, creating a schedule, and using productivity tools. Teens should prioritize schoolwork and allocate specific time slots for extracurricular activities and side hustle tasks. Using productivity apps like Google Calendar or Todoist can help organize tasks and set reminders. Breaking down large tasks into smaller, manageable steps can also prevent feeling overwhelmed.

7. What are the tax implications for teenagers earning income from side hustles?

Teenagers earning income from side hustles are subject to federal and state income taxes if their earnings exceed certain thresholds. For the 2024 tax year, the standard deduction for single filers is $13,850. If a teenager’s income exceeds this amount, they are required to file a tax return. They should keep accurate records of their income and expenses to claim any eligible deductions, such as business expenses for a freelance side hustle.

8. What are some common financial mistakes teenagers should avoid?

Common financial mistakes teenagers should avoid include overspending, neglecting to save, and taking on unnecessary debt. They should avoid impulse purchases and instead, make informed decisions. Not saving can lead to financial insecurity. Taking on unnecessary debt, such as high-interest credit card debt, can create long-term financial burdens.

9. How can parents support their teenagers in pursuing side hustles and managing their finances?

Parents can support their teenagers by providing guidance, resources, and a supportive environment. They can help their teens identify suitable side hustle opportunities, offer advice on managing their finances, and encourage them to set financial goals. Parents can also open custodial accounts for their teens to start investing and teach them about the importance of saving and budgeting.

10. What are the long-term benefits of teenagers learning about financial literacy early in life?

Learning about financial literacy early in life equips teenagers with the skills and knowledge to make informed financial decisions, leading to greater financial security and success in adulthood. They are more likely to save, invest, avoid debt, and plan for the future. A 2022 study by the TIAA Institute found that individuals with higher levels of financial literacy report greater financial well-being and are more prepared for retirement.