Evette Rios, Lifestyle expert discussed financial education for kids. It is vital that kids learn how to save early. It is recently discovered that kids who learn how to save early are six times more likely to graduate from college.
The earlier that kids learn to save the better prepared they are. Most transactions that happen now, happen digitally. It is easy for kids to lose touch with money because they do not actually see it.
There is a new account from Chase Bank that parents can open for their kids. You can access this from the Chase mobile app. This app helps families manage the three basics of money, earned, spend, and save. For more in depth instructions on how the app works, check out the segment.
One of the most important habits that kids have is savings. Active saving habits are useful, such as depositing money into an account every month. This will set up kids for success later in life.
If your child asks you to buy things for them, you can educate them on the purposes behind saving.