Why Wait Until You’re Older to Start Saving Money?
A youth savings account can help teach the importance of saving money earned from chores, babysitting, or even mowing the lawn at an early age. Why wait until you’re older when you can start saving today for that first car, college, or the latest video game. It’s all about taking the right steps to achieve financial maturity.
According to Youth.gov, those who build financial literacy at a young age are likelier to do a better job managing their money as adults: They tend to owe less and save more. Engaging children with their first savings account also builds a foundation of pride and respect for saving money. And, since our youth savings do not require a parent to be on the account with a minor, a sense of financial independence is further amplified.
Check out these other great benefits:
- No minimum balance.
- Can be transferred (when applicable) seamlessly to other accounts, like checking.
- Automatic transfer when your child reaches 21, or 18 if their guardian allows.
Interested in teaching your child greater financial responsibility?
Consider sitting down with one of our financial counselors to go over how to manage money appropriately. Or, if your child is over the age of 15, consider enrolling your child in a young adult checking account and get them started early on learning how to spend, save, and balance their finances for the future.