Be a Financially Fit Parent
According to experts, very few children learn about managing money in school. Your children model their financial behavior after you at a young age and your influence continues through the teen years. As your kids get older, involve them in household finances and what life basics cost.
Prepare Your Child to Be Money Smart with These Tips
Kids
Teach kids about money in fun, hands-on ways—use coins and paper money to “buy and sell” toys and treats around the house, and use a clear piggy bank so they can watch their savings grow. Set a simple allowance to help them learn to save some and spend some. When the piggy bank fills up, it’s a great time to open a savings account.
Tweens
Help tweens build money skills by paying for household tasks—per task or per hour—and tying earnings to responsibility. Have them make shopping lists and review receipts to learn real costs. When they want a device, game, or app, use it as a chance to teach the value of saving for meaningful purchases and making smart spending choices.
Teens
Support your teen’s financial growth with real-world experience. Create a savings challenge by matching contributions toward a goal with a set date. Encourage a part-time job to build money skills. When ready, open a checking account to help them manage debit card purchases—a key step toward using credit responsibly in the future.
College-Bound
Prepare your college-bound adult for financial independence by teaching them to budget—tracking income and expenses with online tools. Encourage the use of mobile banking for paying bills, transferring funds, and monitoring accounts. Consider a credit card to help them build credit and understand how financial habits impact their credit score over time.