Modern banking is filled with conveniences like debit cards, phone payment apps and direct deposit. The challenge? It's difficult for children to grasp financial concepts when they don't see actual money change hands. Teaching kids savings habits in this digital world requires a more practical approach.
If fiscal responsibility sounds a bit boring to your children, you can be sure that when the activities involve real cash, you'll have their full attention—and that's a good thing. Early financial literacy has life-long implications. University of Kansas research revealed young adults who had owned a childhood savings account were twice as likely to continue owning a savings account. They were four times more likely to invest in stocks. Even more impressive? On average, they saved twenty times more than those without a childhood savings account.
Ready to get your kids' attention?
A Coosa Valley Kids savings account can help you lay the foundation for financial wellness. These accounts are for children 12 years and under, and they provide these incentives to make saving money exciting:
- A fun passbook savings tracker, savings bank and t-shirt
- Each deposit that is $10 or greater earns a passbook sticker and a surprise toy
- After 10 deposits, Coosa Valley Kids members receive a $5 bonus deposit as a reward
- Getting started tips for parents
These accounts allow parents to stay involved, too. You can model financial skills for your children, as the Consumer Financial Protection Bureau suggests. You can help your child complete deposit slips, endorse checks and balance their passbook. And, if your child has an entrepreneurial spirit, they can watch their savings grow even faster. These skills build their confidence and encourage thoughtful savings habits.
Kids' savings accounts provide more than a safe place to store cash. They provide real-world experience and tangible lessons. Best of all, they boost positive, lasting financial habits. Visit your neighborhood CVCU branch with your child to help them start saving today.