As you grow older, financial education becomes increasingly important. There are many milestones in life that require you to understand managing your money so you can reach the ultimate goal of a stress free retirement. One thing you probably heard all along the way was to start early. Why not take that to the next level and teach your kids about banking a little earlier. Most young adults learn about money management in High School, when they get their first job, or then when they graduate and they are thrust into the world of balancing their budget in college. Maybe it would be better to teach them about banking a little earlier?
Parents you have tools at your disposal at the local bank. Child savings accounts are offered to teach kids about deposits and withdrawals. Because this is a savings account, your child can also learn about interest. With this basic set of skills already established before your child gets their first job, their paycheck will have a safe and secure place to go before it is spent at the movies every Friday night.
We all know financial education is important, even if we do not practice what we preach. By teaching your child these basic skills early on, they will be a step ahead as they set out on their own and hopefully avoid some of the common money problems young adults face. Stop by a local branch to talk to a personal banker about educating your child.