Bank accounts 'get kids saving'

Thursday 04 December 2008

Article by Mozo

Getting a bank account for children can be a good way to get them into the habit of saving, one money expert has claimed.

Nine MSN contributor Susan Hely has noted that a savings account can allow children to see their money grow as they put their dollars away.

So too, Ms Hely urged parents to employ a few other smart strategies to make their little ones more money-conscious, including offering them the option of a drink or a glass of water and $2 while they are out and about.

“It’s important for kids to learn to delay their gratification. Self control is a life skill and anything you can do to help your kids’ exercise some is worth pursuing,” she said.

Another hot tip which may be particularly useful as Christmas approaches is to give your kids a budget and let them take charge of buying their own presents.

However, it may take some deft discussions to do this without broaching the dreaded Santa question.

In October, child development expert Anne Glover told news.com.au that parents should be thinking about providing their kids with an education in money from the age of three.ADNFCR-1761-ID-18913297-ADNFCR

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