Train a Child In the Way He Should Go…
Parents are directed and advised to teach their children many things. Biblically, parents are directed to teach children how to swim and make certain a child is taught a trade. Schools often ask that a child is taught the basics of reading and math at home. Grandparents ask that we teach our children table manners. The list goes on. It’s not that teaching children is a burden; it’s an absolute joy to watch them learn and grow. It’s just that there is so much to teach, sometimes it is difficult to prioritize. One thing that frequently gets pushed to the side is teaching children and young adults about money. But like helping a child to discover what he wants to do in life, teaching about money is essential and is something that will affect a child’s entire life. One of the first things a parent may wish to do is to teach a child what a bank does and basic information about savings accounts. This may lead to opening an account for a child. Although having an electronic account is often the norm for adults now, this might not be the best thing for a young child. As FINRA* points out, “some banks still offer old-fashioned passbook accounts, especially for children’s savings accounts.” This can be a great teaching tool for showing a child how savings can grow and how to keep track of one’s money.
For more information and advice about teaching children about money, see the books and sites listed below.
Subject headings:
Internet sites:
FINRA’s page about basic Bank Products: http://www.finra.org/investors/smartinvesting/choosinginvestments/bankproducts/
An internet site with a great list of teaching ideas:
http://life.familyeducation.com/money-and-kids/personal-finance/34481.html
Links to sites focusing on money facts and saving:
http://kids.usa.gov/money/index.shtml
* FINRA at: http://www.finra.org/Investors/index.htm
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