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Kids bank accounts, school or otherwise

Answered 2 years ago

Anyone got good advice on this or care to share what they do? I have 6 and 9year old.. young but a lot of their friends are doing the school banking and I’m not sure why. My kids love money(they have a few dollars) and are not good savers... how does not educate their kids or is this too early? Thanks everyone


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ANSWER
2 years ago
Every time my kids have birthdays or anything else they’d receive money for (Xmas, or other things) I’d stick it in a bank account. They don’t know about it but have money saving for them. You can say I’m doing them a favour by helping them out, or u can say I’m doing them a disservice by not teaching them about money and handing it to them later but I’m hoping once they get older I can teach them money ethics and the like.

ANSWER
2 years ago
I can’t afford to give my three kids money every week for school banking. They do get around $200 each as gifts per year from relatives and I teach them to use their money wisely. I don’t think they need bank accounts to learn about money. It can be beneficial to kids who get pocket money each week but just doesn’t work for us.

Replies

REPLY
2 years ago
That's awesome, good job mum 😊 no one shoe can fit everyone.

ANSWER
2 years ago
I don't do school banking with mine - I really hate how they are groomed as customers and it is made into a competition between classes.
But we do have bank accounts with other institutions and encourage savings. At the moment, we are learning about interest and the bank offers bonus interest if a deposit is made every month, so that's what we're working towards.
It's important that they learn to save, I think.

ANSWER
2 years ago
My children have a bank account. They have 3 money tins.
Give- they choose a portion of their allowance to give to a charity etc
Save- they choose a portion of this to go into their bank and they can't get it.
Spend- they can spend on whatever they like (normally the school canteen and again they choose the portion).
However we don't do this for presents (only the money they earn doing chores etc) They get the full amount to either spend on something they've been saving for or it goes into their bank.

ANSWER
2 years ago
The kids have school savings but now I actually use Spriggy instead. It has a budgeting app and they have to take responsibility.

ANSWER
2 years ago
Its a good idea so they can watch their savings grow and not waste their money.
However, steer clear from Commonwealth. Once your kids turn 18 they automatically send them a credit card application. Absolutely disgusting.