Talking to your kids from an early age about the value of saving money and spending it wisely will help them to build good financial habits that hopefully pay dividends later in their lives.
How many of us look back on our childhood and wish we had been taught more about money? Why not help your kids avoid making the same mistakes you did?
Research shows that children can begin to build their attitudes and habits around money as early as five years old, and their view of money can be set by the age of seven.
This makes it important to start building good money habits as early as possible.
There are plenty of things you can do to help children learn about money. One of the ways that parents can initiate this process is by giving children the responsibility of a bank account.
With Standard Bank’s (sum)1 Bank Account, you can easily set up an account for your child from an early age and deposit pocket money – even if it’s a small amount – into the account for them to manage.
The account has no minimum age limits (maximum age: 16 years) and one of the major advantages is that children can learn about money without the monthly fees typically associated with a bank account.
With the (sum)1 Bank Account, no monthly fee while free swipes at till points are unlimited.
To find out more about the account visit www.standardbank.co.za
Reading Time: 2 minutesAs parents our key role is to be the nurturer and provider of our children’s needs. We want to equip them to …