Saving and spending habits are developed at a very young age. Missouri Central Credit Union has one of the best children’s savings accounts available for children up to the age of 12. When you open a children’s savings account at an early age, even infancy, you can make saving a normal event for your children, which helps set them on the road to financial security.
With a Missouri Central Union Buster Bear Savings account kids earn prizes with each $5 deposit. We know kids love to get mail with their name on it, so each quarter they will receive their own statement, so you can watch their account balance grow!
Research Supports Children’s Savings Accounts
Research shows that having a children’s bank account not only helps to make children more financially aware, but they will also be more likely to accrue assets, invest in the stock market, and graduate college. According to research conducted by the University of Kansas children who have early access to savings accounts, and the lessons that come from actively saving, accumulate more assets-an average of $2,000 compared to $100-and are four times more likely to invest in the stock market when they are adults. Children with access to savings accounts are also more likely to not only attend college, but also complete college and graduate with a degree. College students with some type of savings built up to help out with tuition costs are less likely to drop out of college due to concerns about accumulating debt.
Financial Literacy Begins At An Early Age
While your child may not have a job or steady source of income, they likely receive money as gifts, an allowance, or odd jobs. By having a children’s savings account you can begin the conversation to help guide your child towards a secure financial future. This gives you the opportunity to discuss how to balance spending/saving, saving for a goal, the difference between wants and needs, the power of compounded interest, and teach your child how to monitor and manage their children’s bank account. Healthy spending and savings habits are not innate; they must be taught to children, children’s savings accounts are the first step in teaching these habits to your children. It is important to have these conversations with your child at a young age before they do have more income available.
With children’s savings accounts you can mold the way your child looks at the future and give them the power that comes with having the safety net of a savings account.
Click the link to learn more about Children's Savings Accounts in Lee's Summit