Press release
Fifth Third Bank Offers Tips on How to Talk to Your Kids About Money and Banking
CINCINNATI--(BUSINESS WIRE)-- There is no minimum age to talk with your children about money and banking. Kids as young as 3 can understand concepts of money
About this update from Fifth Third Bancorp
[{"type":"text","content":" CINCINNATI--(BUSINESS WIRE)--\nThere is no minimum age to talk with your children about money and banking. Kids as young as 3 can understand concepts of money and by age 7, some money habits may already be ingrained.\n\nGeneration Alpha (those born after 2010) may be too young to be making their own money, but they’re old enough to have a significant influence on their family’s spending decisions. Helping them understand financial basics can sow the seeds of smart money management. Fifth Third Bank, National Association, offers the following tips to help.\n\nFirst step: Start a conversation about money\n\nRecent studies show that parents say their children influence their purchase decisions, especially on toys and games, apparel and food – which means it is important for your kids to understand how much things cost and how you pay for them.\n\nIf you’ve never discussed money with your young children before, get the ball rolling by asking them about earning, saving, budgeting and spending money. Depending on how much they’ve paid attention at home, they could have some interesting things to say about spending and saving, making a living and creating a solid financial footing.\n\nIt is also never too early to introduce an allowance for chores, which will help them understand the concept of earning a wage. As they get older, they now have many more options for making money beyond paper routes and babysitting. They can sell homemade items at local markets and online, or even trade and sell toys or clothes.\n\nOpen a savings or checking account with your child\n\nOpening a savings account can be done in a short amount of time. Include your child in the process and talk about the importance of always saving – even if it’s just a little bit – for emergencies or for larger purchases.\n\nYou’ll also want your child to understand how a checking account works. Discuss how checks and debit cards work and how money must be in the bank to cover the amount of the check or debit.\n\nTake this opportunity to also explain to them how a credit card works, how debt accrues, as well as how you’ve budgeted throughout your life, including how you’ve been able to save for additional goals, like retirement, travel or college.\n\nMake money fun: incorporate games into financial education\n\nMake learning fun by incorporating games into regular activitie...