Given how essential money skills are to life, it is important for parents to teach their children the value of money at an early age. Learning basic concepts like budgeting, saving, wise spending and even investing will improve their ability to manage their financial resources and achieve financial wellness in the future.
While saving their money in a piggy bank or coin jars is a good start, bringing your kids to a bank and teaching them how to open an account and regularly deposit their savings will turn this into a good habit. It may also spark their interest on how to make money grow through investments. In time, it will also be an opportunity to help them appreciate and use other financial tools such as insurance variants to protect their future, and loans to extend their budget for big-ticket items such as their own car, house or business when they grow up.
The important thing is to take the first step with your kids and what better way to do this than through the UCPB Start2Save(S2S) Junior Savings Account. With an initial deposit of only P100 and few requirements such as your kid’s school ID and 1×1 photo, kids and teens 7-19 years old now have a fun and easy way to save money. Parents can also open an In-Trust-For Account for babies and kids up to 6 years old when they submit their valid ID together with their children’s NSO-issued birth certificates and 1×1 photos.
To make saving more fun, kids will receive a UCPB S2S welcome kit that has a passbook and ATM card with EMV chip which is the global standard in card security. It also contains stickers, a notepad where they can monitor their saving and spending, and a birthday coupon to claim an exciting gift from their UCPB maintaining branch on their birth month.
Open a UCPB Start2Save Junior Savings Account now for your kids and help them develop good financial habits. Visit any UCPB branch or go to www.ucpb.com/accounts/start2save/ for more details.
Date published: June 24, 2019