Sharing your life with children adds overwhelming joy and purpose to your existence. At least that’s what I’m told. I am as yet to experience it but I’m happy to enjoy the company of my very small niece and nephew who think their uncle is the greatest because he gives them cool things like a bashful bunny and Lego.
As all parents will know spending on kids is a given, but thinking further down the track, we don’t want them to fall into any financial holes during their lifetimes. We’ve all seen the results of people making poor financial choices and we don’t want our loved ones derailed in a similar manner. That’s why it’s vital that education on all things money-related starts young. My sister incentivises saving through money bonuses when goals are achieved but she also teaches money discipline by not giving in to the various requests if they don’t have enough money for that new toy or football jersey.
Parental guidance and teaching is essential but financial institutions, too, have a responsibility in this area. After all, these are customers of the future. Three banks in New Zealand offer school banking programs which can be a great way to teach kids the basics of money and banking. For the Youth Banking Award we have assessed 6 banks in terms of what each offers in the way of savings accounts to both younger savers (under age 12) and older savers (those aged between 12 – 17) to award our annual Youth Banking and Education Award.
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