Getting your child a checking account with a debit card is a good idea at some point, but when do you know the right time? Here’s what to look for.
This article, written by Hansom Federal Credit Union’s MaryJo Kurtz, appeared in baystateparent magazine and is reprinted here with permission.
Credit scores, debit cards, salaries, interest rates, budgets. Ugh. Who wants to talk about this stuff? It turns out, your kids do. In a 2015 Junior Achievement survey, 84 percent of teens said they look to their parents for money management advice. These are the facts of life that your teens want you to discuss, and this is your opportunity to help them build a strong financial foundation.
This week, we challenged over 200 Massachusetts high school students to balance a household budget. The teens were each presented with a hypothetical yet realistic starting income for a field of their choice. They were then asked to create a real-life budget, including housing, utilities, transportation, food, clothing, and more. The experience is called CU 4 Reality, an award-winning national financial education program.
My kids got theirs at age seven! But as a teacher of personal financial management, I am a bit fanatical about educating my children. Here are some things to consider when deciding when to open a checking account for your children.