Financial transactions at financial institutions
On your next trip to the bank, allow your child to make the deposit or withdrawal with the teller. Instruct the child to tell the teller that they would like to make a deposit or withdrawal in/from the checking or savings account. The teller will be very impressed with your little financial guru as they process the deposit and gives the child the transaction receipt. Let the child know the teller will ask, “Is there anything else I can help you with today?” The child should respond to the teller’s question and also say thank you.
Financial Life Lessons & Teachable Moments
Take your child to open a custodial bank account. Discuss what it means to have a custodial bank account and the opportunity you are providing them by having their own account. Allow the child to make deposits and withdrawals, as appropriate, at the bank on a regular basis. This will help your child develop the confidence and the responsibility of transacting business with financial professionals.
As a parent, teacher or guardian you should always look for opportunities to make everyday activities educational experiences to increase your child’s financial literacy. Don’t let your child be a passive participant in life until they are 18 before they begin making financial and business decisions without 13 or more years of previous experience.