Parents should open bank accounts for children ‘as early as possible’
January 23, 2008 by admin
Filed under News, News-Banking
Providing children with bank accounts as early in life as possible will enable them to have a better understanding of money say independent financial advisors. 
MDM Associates said that opening a bank account as early as possible parents can then talk children through statements and show them where interest has been added.
Older children could receive an account with a debit card said the company.
Lisanne Mealing, managing director of MDM Associates, said: “That then starts to give them the idea of some financial responsibility – you’re trusting them because they’ll have access to that account themselves.”
Providing monthly pocket money to children can also be a good way to teach children about budgeting, she added.
According to an article on the Times Online, a recent survey by NatWest suggests that 51 per cent of young people want more advice from parents about how to manage money.
Many respondents said they were frustrated by well-trodden cliches such as ‘money doesn’t grow on trees’.
