Simple question isn’t it ? Does your child actually know what it looks like? Is your child aware of what banks & building societies do?
Within the principles that we hold as founders of Kids Money Packs we encourage parents to actively take their children to their chosen bank or building society so that children understand what they do.
One of the most successful self made millionaires in Canada, T.Harv Eker tells a story about how he & his wife take their children every month to the bank to deposit their money into their six accounts!. Now if it is good enough for him, it is good enough for all of us and it makes sense too. Children are very curious and learn very quickly. I remember when I was around 11 years old, I decided I would like to work in a bank, that became my first job. It was also before banks went from being people to being machines, but that is another story.
Take some time to explain to your children the importance of compound interest and explain that there are accounts that actually PAY YOU more money if you have an account with them. Watch their eyes light up when they hear the words “PAY YOU MORE MONEY”. Make it a habit now and it will become a lifetime skill.
Regards
Diane
