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Savings Account – Trip to a Financial Institution

Category: Activities: Local | Age Group: 8-10

TOPIC:

Opening a Savings Account

LEARNING OPPORTUNITY:

By starting up their own savings account, children can learn how to manage their money and learn to save some money for future needs. Children also model what they see so try to be a good role model when it comes to trying to save some money. Take them to the bank or other financial institution with you. Also, let them watch you write cheques to pay bills, involve them in making wise shopping choices, and look for other ways for them to learn from your activities and decisions about money.

THE ACTIVITY:
  • Discuss with your child the importance of saving money and how putting money in a bank or other financial institution can help to keep it safe.
  • Explain to them that having a piggy bank is good, but it doesn’t help their money grow.
  • Explain to them that when you put money into savings in a bank or other financial institution, you can earn money (interest) on your savings—and that can help it grow in value over time. (Note to Parents/Guardians: Although interest rates on savings are low now—this is an exceptional period and it is likely that, in the course of your child’s lifetime, interest on savings accounts will be higher than it is today.)
  • Talk to them about saving now for something they may need or want in the future.
  • Take a trip to your local bank or other financial institution and, if your child does not have an account already, use the “Talk With Our Kids About Money Day” as an opportunity to open up a saving account for your child.
LINK:
FOLLOW UP IDEAS:
  • When your child receives money as a gift, or earns money from doing chores, encourage them to put some of it in their savings account so that they get into the habit of saving.
  • Financial institutions can appear scary to kids, especially if a security guard is standing at the door. Take them with you often when you do your banking so they see the bank as a familiar, friendly place to visit.