Want to give your kids a head start in life? A savings account is a fun and powerful way to get kids on the track for financial success early on! Here are three easy-to-teach reasons to open one today for your children:
1. They See Money Grow in Accounts, Not on Trees
When kids start saving young, their money has more time to grow thanks to something called interest. Even small amounts of money can turn into big savings over time.
By showing your child that importance of putting the money in an account to grow, it helps them understand that the more you save—the more you earn.
Fun fact: a 5-year-old who saves the same amount as a 15-year-old will end up with more money, just because they started earlier!
2. They Learn to Make Smart Money Moves
Saving teaches kids that money doesn’t just “appear” when you want or need it—you have to make these moves intentionally.
With a savings account, they learn to:
- Plan ahead
- Be patient and wait for things they want
- Make choices about spending, saving, and sharing their money
When they learn to save and plan ahead at a young age, these lessons stick with them for life. This helps them become money-smart adults!
3. They Make Better Decisions
When a child has their own savings account, they are having to spend what they have. This helps them learn the difference between wants and needs.
If they have to spend their own money to get something they want, suddenly they’ll think before they spend. Funny how that works, isn’t it?
With this mindset change happening from an earlier age, kids will end up making more strategic financial decisions and feel proud when they reach their goals. It’s like saving money is a game!
Pelican State Credit Union makes it easy to teach these lessons with Team Pelican Savings Accounts, just for kids and teens up to age 17!
Perks include:
- Earning money on their savings
- Getting paid for each A on their report card
- Being eligible for a chance at a Pelican scholarship
- And more!
For more information on Pelican’s youth accounts, visit pelicanstatecu.com/youth.
