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by Natasha Gabrielle | Published on June 25, 2022
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Do you want to help your child save more money? These tips may help.
Check out The Ascent's picks for best high yield savings accounts
It’s never too early to teach your kids valuable personal finance lessons. If you have a teen, now is the perfect time to help them understand the importance of good financial habits like saving before they become adults. A bank account can be an excellent tool for your teen to learn how to manage money and save. Find out how to help your teen save more.
While some kids and teens may be taught personal finance subjects in school, it’s generally not a core part of the curriculum for most students. Therefore, it can be beneficial for families to teach financial lessons at home so their kids are well prepared for everyday life.
Without proper education, young adults must guess their way through critical financial choices — which could result in them making costly mistakes that impact their futures.
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A recent Fidelity study found that 49% of teens are opening bank accounts. A bank account can help your teen learn how to manage their money and save for future goals. If they don’t have a bank account, it may be time to open one.
While nearly half of teens are opening and using bank accounts, fewer feel confident about essential money matters. The same study found that only 23% of teens feel confident about financial topics. It’s not too late to help your child feel more at ease about money.
One way to make your teen feel more comfortable about financial topics is by talking openly about them. If your teen knows they can come to you to ask questions, they’ll be more likely to do so, and you can help them gain more knowledge and confidence around money.
Are you ready to teach your teen the importance of saving money?
These tips may encourage your teen to save more:
You can set your child up for financial success by educating them about important money matters. They will appreciate it when they’re adults. If you’re ready to help your teen open a savings account, check out our list of best high-yield savings accounts.
Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you more than 19x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2022.
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Natasha specializes in credit card and rewards content. Her goal is to encourage more people to experience the world around them while making smart financial choices.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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