There is no age restriction in learning about money. Thus parents are advised to encourage their children early on to pursue financial literacy—to equip them with the values needed to make money and handle it wisely.
One of the most practical ways parents can use to teach their children to save money is by letting them own a piggy bank.
A coin bank provides young ones an easy way to learn about the value of money as it motivates them to save a portion of their allowance and grow their money over time, which they can use to buy the things they desire while grasping the principle of perseverance and prudence.
Budgeting can also be helpful for kids and teens who are given weekly and monthly allowances. Having a fixed budget allows them to learn how to prioritize where to use their money and set aside part of it for their savings.
Once they get used to saving in a piggy bank, the next step for parents is to open up a savings account for them. It helps children understand their money will grow over time as long as they keep saving.
Rizal Commercial Banking Corp., one of the leading universal banks in the country, understands that parents should shape their kids to become smart young investors. That’s why it provides services that enable parents to educate their children to have a financial mindset.
RCBC offers the new GoSavers Kiddie and Teen Savings Account. The saving account lets children have their own debit card and passbook that will assist them in tracking their savings. It is also the first start-up savings account in the country that offers a comprehensive insurance package for both the parents and the child.
“This product is in cooperation with the ‘Banking on Your Future and Kiddie Teen Program’ of Bangko Sentral ng Pilipinas, and the objective of this is to promote financial inclusion for students at the primary level, covering age 0 to 12,” said RCBC deposit products and promotions division head Emmanuel Valdes.
Aside from the fact that it only requires a minimum initial deposit of P100, the GoSavers also doesn’t have a maintaining balance. Moreover, it promises lifelong protection for the family with its life insurance for the parents and accident medical reimbursement for the child with just an initial deposit or a six-month average daily balance of at least P10,000.
“Our goal has always been financial inclusion for all Filipinos and part of that is educating children on how to save and manage their own finances,” said Valdes. “We want to create a savings-conscious generation where we can enable and show them how to intelligently and consistently grow their money for their own future.”
RCBC’s GoSavers is open to 21 years old and below and they can either apply online through www.rcbc.com/Personal/GoSavers or drop by at any RCBC branch nationwide.
