Managing money isn’t easy. Waiting to learn about handling money until you are on your own as an adult makes it even more challenging. Teaching kids about money early on will help them to become more financially independent as they get older. Financial education has been linked to lower debt levels, higher savings, and higher credit scores as children mature into adulthood.
The FDIC and the Consumer Financial Protection Bureau (CFPB) provide different types of free financial education materials for pre-k through college students.
The FDIC has a Money Smart curriculum (Money Smart Catalog) with modules written for specific age groups. While targeted toward teachers and schools, parents can use the Money Smart program at home, too. If you don’t know how to start the conversation with your children, check out the children’s books offered as references in many of the modules. These books can be a good way to start a lesson and begin a smart money conversation.
CFPB’s Money As You Grow (consumerfinance.gov) program teaches children how to reach certain age-appropriate financial milestones. The CFPB also offers a list of children’s books that can help open conversations about money.
For more information, visit: fdic.gov/resources/consumers/consumer-news/2020-09.html
Did You Know?
To help teach our future adults the importance of saving money, spending habits and familiarity with banking, it’s easy to avoid a monthly maintenance fee on savings accounts for individuals under the age of 18 years, regardless of the balance, as long as there has been some activity on the account in the past 6 months.
Visit our Savings Accounts page for more information.