There's a reason the teenage years have a reputation for being difficult. Teens typically face a more challenging school curriculum, ongoing pressure to fit in with peers and new challenges like deciding where to go to college. Factor in today's turbulent economy, and the pressures seem to mount.

"In the past year or two, the financial status of many families has changed, and that can be hard on teens," says Mary Bidwell, a financial center manager at Fifth Third Bank. "Teens often want everything their friends have, whether it's the latest cell phone or videogame."

To help families cope, it's important for parents to talk to their kids about how today's economy is affecting them. To help make it easier, she offers the following tips:

Be honest about your employment situation. Many people have lost their jobs, and countless others face uncertain futures. "Teens are learning about the economy in school and are aware of how it is affecting jobs," Bidwell says. "Parents caught in these situations should explain to their teens the importance of cutting back on unnecessary spending." She also encourages parents to remind children that the economy has fluctuated in the past and should get better in time.

Encourage your teen's input. Teens often feel empowered when parents encourage them to find ways to save money - or even earn money themselves. "Kids can benefit greatly by taking on a part-time job," Bidwell continues. "Besides having a little spending money, they learn the value of work and how to manage time." For those who can't manage a job during the school year, a summer job may offer the same benefits.

Make bill-paying a teaching opportunity. "Letting teens become more aware of the family's finances can open the door to financial discussions and encourage teens to curb their own spending," Bidwell continues. "When teens see your credit card bill, they learn how every swipe adds up and must be paid."

Give your teen a chance to manage money. When kids start earning income, they can be tempted to spend every last penny. "I encourage parents and teens to open a student checking account. Parents can use this opportunity to teach their teens how to write and deposit checks, use debit and credit cards, and track daily balances.

Think outside the box regarding college. Studies show the current economic climate has prompted some to postpone college plans. "Many families have lost money that was saved for college. But instead of moving away to a four-year college, teens could possibly start at a college where they can live at home or at a two-year college, where tuition is less expensive," Bidwell says. "This can save thousands and lessen the burden of student loans. Students can eventually transfer to a four-year university and finish their degree."

She also encourages parents and teens to talk to a banker about student loans. "Because loans will have to be repaid shortly after graduation, it's important to consider the marketability of your college degree and how it can lead to a job."

Finally, she encourages teens and parents to search for scholarships. "This is free money and searching for it can be time well spent," she says. When starting this search, it's helpful to consult high school counselors and the Internet, including cincylifeandmoney.com.

For more tips on talking to teens about money, contact Fifth Third at (866) 475-4201 or visit 53.com.