As a parent, I know firsthand that nagging and constant question of “am I doing enough?” We strive to teach our children everything from reading to saying “please” and “thank you.” And yet, many of us leave out one of the key lessons in life that they will use every day – money.
If we don’t teach them who will? I rather it not be a pay day lender during college or a having to deal with credit card debt that leads them to have their first experience around a financial system. As uncomfortable as we may be around the taboo topic of money, we have to take the plunge and talk about it.
Luckily for us, Moneyasyougrow.org provides a user friendly guide of 20 things kids should know to have financially smart lives. And even better, many financial institutions offer great child savings accounts. In fact, children with a college saving accounts are three times more likely to attend college and youth with savings accounts have an amazing 176% higher chance to better manage times of uncertainty – regardless of the balance on those accounts.
Because a bank account is more than a bank balance, it is a vehicle to practice of great financial habits. And habits, as we know, are better taught early one in our lives.
I’m committed to seeing our youth be banked and financially capable before they graduate high school. Heck, even before they enter middle school. Because that is economic justice and that is how we can start to create an inclusive economy.
Let’s get started.
Santa Cruz Community Ventures is the nonprofit affiliate of the Santa Cruz Community Credit Union