Children using banks
Banks can be helpful in teaching your children the value of saving, especially while interest rates are high. In times of lower interest rates it can be difficult for kids to see any worthwhile benefit to saving money, but right now they should be able to see steady growth with high interest accounts that compound interest frequently.
Online banking facilities are an excellent tool for teaching children about using banks, as they provide an easily accessible and interpretable summary of balances and transaction details. Basic financial planning can be taught to children from an early age and worked on as they grow older and become more familiar with how banks operate. This will hopefully lead to your kids starting out their careers with a sound financial plan in mind and stop them just using banks as a temporary storage facility for their pay packets.
If you pay your children pocket money based on chores, then you may want to institute a policy where you pay more if they save it than if they spend it. This may encourage them to put money into their superannuation early on in their careers, possibly resulting in extra money being paid into it due to government policies.
If you would like to find products that could be used to teach your children about finance, please visit our comparison pages of great products from the banks.
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