Banks are Already on Kids Minds
Many children are already aware of banks and what banks do. Some kids love going to the bank with their parents in hopes of getting a sucker or a cookie! What kids don’t realize is that banks will be a very large part of their adult life. As parents it’s important to teach kids at a young age how to start using a bank to manage their money.
Teaching a child how to manage money and how money grows with interest will remain a positive influence the rest of their lives. Being educated about money produces productive children that thrive in society.
Why Start Your Child in Banking?
- Children gain overall knowledge about money that is long term.
- Parents get a sense of ease knowing their child will have funds to access when they are older.
- The bank protects their money and allows it to grow in interest.
- Two out of three (67%) children are handed pocket money by their parents.
- Typically children start receiving pocket money around age 7.
Parents Can Nurture Children Financially
Legacy Banks offers a number of ways for your son or daughter to learn about banking. The easiest approach is to open a simple savings account for your child. Parents gain peace of mind knowing that the funds your child saves are growing as your child matures. Every parent knows that children’s needs are costly. Putting aside funds for future needs helps them to start off their life in a positive direction.
Simple savings throughout the years are a huge value that does not require a major sacrifice when spread over years. By starting at a young age, those funds have the potential to grow for 10 or more years. Funds that grow for that amount of time can become very prosperous and beneficial for the child when they start out on their own. For security reasons, parents share ownership and control access until 18.
Banking Creates Life Lessons
Banking teaches life lessons that other things in life can’t teach children. If kids learn that saving is better than spending, parents raise up children that are aware of the value of a dollar and can learn to budget wisely, eliminating the need for ongoing support in the child’s adult years.
Kids gain an understanding of how the economy produces fluctuations as each season comes about. Their eyes open to how business work. This can inspire children to run their own finances in a similar manner.
Youth Accounts are Easy to Open
Legacy Bank offers several types of accounts for children. Many of the opportunities that Legacy Bank offers allows the children to grow in the knowledge of their own money as they track their growth. Legacy Banks feels that it is important for the children of the millennials to be brought up with the value of the dollar in mind and the understanding of the market and economy.
Parents should be involved as they too can be educated through the process that Legacy Bank offers to every customer. Legacy Bank feels that the child banking process should be a family affair so that the parents can lead their child to success in their life.