In awarding the 2019 Most Satisfied Customers Award for Children’s Banking, Canstar research found that financial education is the lead driver of satisfaction for parents operating bank accounts on behalf of their children.
“ASB Bank has a number of initiatives which encourage the financial literacy of children, including its interactive Clever Kash moneybox and the GetWise in-school programmes,” says Jose George, general manager of Canstar New Zealand. The winner of the inaugural Most Satisfied Customers Award – Children’s Banking is ASB Bank, a provider which has also received top-placings in the category for the last four years.
“While education is important to parents, the award also recognises the provider which offers outstanding value banking products and services to parents and children across New Zealand.
“Survey respondents were also asked to rate providers on product offerings, interest rates, functionality, fees and charges,” Mr George says.
Teaching children good financial habits
International research suggests that by age 5, some children may have already started to form behaviours which affect their financial spending and saving habits.
In order to positively develop your child’s financial nous, ASB has a few suggestions:
Set a good example
Show children how you are able to save, budget and make good buying decisions by using every-day situations, such as paying a bill, to open up a conversation.
Help to set goals
Goal-setting is an excellent way to teach children about the value of money. This gives them a reason to budget for the things they want, and shows then that waiting pays off.
Open a bank account for your children
Using a bank account as early as possible means that managing money becomes a part of every-day life for children.
Make saving money interesting
If saving money is interesting, kids are more likely to learn faster and enjoy the process, why not let them work for their money, or offer rewards for good saving habits?