When it comes to being a new parent, or even a grandparent, there are many lessons we want to pass down to our children. We want them to value their faith, their family, and their friends, among other things. But what about valuing their finances? Teaching your kids to be money smart now will pay off in a big way as they grow into adults.
A simple and effective way to start teaching children about money is to open up a Youth Savings Account with Peoples Bank.
The Value of a Dollar
Opening a Youth Savings Account with a child will help them become more financially aware. By teaching them the value of a dollar early in life, they can begin to see the benefits of saving money. It also introduces them to the concept of delayed gratification, which will take them a long way in today’s “I want it all and I want it now” society.
Interacting with the Bank
Field trips to the bank are fun and educational. Children begin to learn basic banking skills such as how to interact with the teller and how to complete a deposit slip. Once they learn the basics, kids will look forward to reviewing their monthly statements and watching their funds grow over time.
Impacts on Major Life Decisions
Research shows that when children begin saving at a young age, they are more likely to go to college, acquire assets and invest in the stock market as adults, compared to rates of children who did not start saving early. This is even true for lower and middle income families where parents may not be able to contribute to a child’s college education. Learning to be financially fit shows children that big goals and purchases are attainable, and thus they’re more likely to achieve them.
Youth Savings Accounts at Peoples Bank
The Youth Savings Accounts with Peoples Bank are simple to manage. There is no minimum balance required, so long as one owner of the account is a minor, below 18 years of age. Account holders may debit money from the account six times each quarter and progress can be tracked with our free Online Banking portal. Once the minor reaches 18 years of age, the account will transition to a regular savings account.
Peoples Bank is a great place to begin your child’s or grandchild’s financial education. Our local branches are full of “People That You Know” and we are here to help you. Come see us today.
Ready to teach your children how to efficiently manage their finances? Download our free monthly budgeting tool.