UK Money News
22nd January 2008
Bank accounts 'help kids with understanding money'
Parents can help their children with understanding money by opening a bank account on their behalf at an early age, it has been suggested.
Lisanne Mealing, managing director of MDM Associates, an independent financial advisory firm, insists that bank accounts can help children engage with money and learn about personal finance during their formative years.
Furthermore, as a child reaches adolescence they will be able to learn about the importance of budgeting effectively if they are given the responsibility of managing their own money, Ms Mealing maintains.
"As they get older, [parents could] potentially put allowances into the account for the child and try to get an account that has a debit card of some kind," she said.
"That then starts to give them the idea of some financial responsibility - you're trusting them because they'll have access to that account themselves."
Despite the number of households facing trouble with debt, a typical British child receives almost £5,500 as pocket money between the ages of five and 18, according to a recent study by the LV= financial services firm.
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