Sunday, June 16, 2024

Account you need to open for your child to teach them about saving, investing

We live in an era where discussing certain topics is becoming increasingly challenging. Conversations about money can be difficult, and discussing money matters with children can be an even more complex and delicate task.

Parents, however, play a crucial role in shaping their kid’s financial future. How do you ensure that your kid is financially literate and not ‘spoiled’?

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Research has it that money habits in children form as early as age 5. Therefore, it’s never too early to encourage financial responsibility in our children.

You can start by telling them that learning financial skills is akin to tying shoelaces or buttoning a shirt. Seems easy right? You could also start them with the cliche phrase ‘Money doesn’t grow on trees’.

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Maintaining open lines of communication about money will help them understand that things have a cost. They will also become more aware of personal responsibility for purchases.

Co-op Bank Jumbo Junior Account

Raising a financially savvy kid who can deal with money, is an investment in their future well-being. Parents can empower their children to make informed financial decisions by opening a Co-op Bank Jumbo Junior Account on their behalf.

Financial education is a never-ending class. With Co-op Bank’s dedicated account for kids, they can get to learn how to manage their finances through saving, budgeting and spending wisely.

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The Jumbo Junior Account is specially designed for children under the age of 18 years. In addition to providing a platform for them to practice and improve their money management skills, account holders also gain automatic access to the Jumbo Junior Club.

When new members join the Jumbo Junior Club, they receive an ele-bank and can access discounted bank cheques for fee payments. Additionally, the savings in your child’s account can earn interest of up to 3%.

To get started, visit your nearest Co-op Bank Branch today. The following is a list of requirements you need to carry with you:

    1. Parent’s original ID card and copies
    2. A copy of the child’s birth certificate
    3. Minimum opening and operating account balance of Sh. 500
    4. An optional debit card for Sh. 600
    5. A copy of KRA pin

As your child matures, their Jumbo Junior account will enable them to explore more advanced financial concepts that are tailored to their age and comprehension level.

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This Co-op Bank account will encourage them to use credit responsibly and avoid unnecessary debt.

Keep in mind that your decisions and actions will leave a lasting impression on them. Children learn best by observing their parents, who demonstrate good financial habits.

Encourage them to get these invaluable lessons with a Jumbo Junior Account from Co-op Bank. Click here to register for an account

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