Savings Accounts Are Finance 101 For Kids

Parents say teaching their children the basics of a savings account (81%) is the top financial lesson that children need to know in order to be fiscally responsible, according to online coupon website CouponCabin.com. Three in four (76%) feel imparting wisdom about bargain hunting and saving money is the most critical lesson, 73% think it’s about budget creation, and 32% feel it’s important to teach them about making investments.

Nearly half of parents (47%) feel it’s important to teach their children about being financially savvy so they are properly prepared for the unexpected. A key way nearly half of parents (45%) teach their children money matters is through an allowance. They believe providing an allowance encourages kids to be responsible and to do their chores (78%), teaches them the value of a dollar (73%), and introduces them to the basics of budgeting (68%).

Among topics parents wish they had learned as children are the fact that credit is not just free money, how to understand student loan issues, and to start saving for retirement at an early age.

Source: CouponCabin.com, Allison Nawoj, 1319 119th St., 2nd Fl., Whiting, IN 46394; 312-488-6664; anawoj@couponcabin.com; www.couponcabin.com.

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