Kick-start your child’s financial education with a (sum)1 Account
Classrooms don’t have to be the only place where kids learn. In fact, the most valuable lessons that kids can learn can be taught at home.
One of the best and most crucial life skills you can instil in your children is good financial literacy. By allowing your kids to have their own bank account, you can give them a practical understanding of how money and banking works, which will prepare them for making their own financial decisions in the future.
The (sum)1 Account is one of the best kids’ bank accounts and is specifically designed to help kids under the age of 16 learn about the basics of banking and financial independence. Parents and guardians with an existing Standard Bank account can link it to the (sum)1 Account and let their children navigate the world of banking with an affordable bank account that is easy to manage.
With this account, you can encourage your child to set financial goals, such as saving up for specific items, e.g. a new bicycle or gadget, while also explaining other concepts to them, such as earning interest on your savings. You can even encourage your child by offering them some type of incentive to save, such as an additional ‘bonus’ if they save a certain amount of money by the end of the year.
As a parent, you can also set strict boundaries with your child about how much money you give them and let them understand the concept of making conscious decisions about how they spend their money and make them think twice about spending frivolously.
Financial literacy is a lifelong journey, but by introducing your children to the basics early on, they can grow more confident in their abilities to make smart financial decisions for themselves as they get older.