From Birthday Money to Retirement, Financial Literacy Begins Early Banking isn't only for adults. Helping children understand the basics of savings is an essential life skill. By Theresa Terry, Peoples Bank In these in-the-moment times of instant Once children are a little older, bring them along Imessaging, streaming what you want, when when you meet with your banker and encourage you want, and having your favorite meal delivered them to ask questions. Living and working in in minutes, long-term financial goal setting can the local community, we love being able to serve be an anomaly for children and teens. multiple generations-it's a great opportunity for Yet the need to learn the importance of saving, your youngster to get to know their banker better investing, and sound money management has and for us to get to know them, a relationship never been more important. After all, if you we'll build on as their financial goals evolve. don't learn early on to save at least a bit of your For teens who have regular expenses, such as for allowance or babysitting money for that new a sports team, a hobby, or a vehicle, a checking video game, it will be a lot more difficult to save accountlike Peoples Bank's Teen Access Checking for a house or your retirement down the road. Account is a practical solution that includes all Studies suggest that while interest rates have the essential services a teen will need such the increased dramatically in recent years, personal Teen Access Debit Card, Online and Mobile savings rates haven't kept pace - even though Banking, or Zelle. There are no monthly service many indicate they want to save more. Data charges, no minimum balance requirements, no shows personal savings accounted for just 4.1 check writing, and no overdraft coverage. It's a percent of disposable personal income as of simple, straightforward checking solution that April 2023, well below pandemic highs of 33.8 helps teens learn to manage their spending. percent in April 2020. Once teens start dreaming of the independence The bright side: Saving today's resources for a vehicle offers, a first loan might also help them tomorrow Now the good news. One of the best ways to prepare children for their financial future is by instilling the principles of financial literacy - and that begins with modeling sound practices from the "teachers" closest to them: you. purchase their first car while having enough in the bank for necessary costs like insurance, gas, and maintenance. As a financial experience, it also gives them a taste of the bigger expectations other responsibilities, including investing and of college expenses, rent, homeownership, and retirement planning. A youth savings account, like that offered by No matter where your children are along the Peoples Bank, is a great first step. It will take their financial knowledge beyond the piggy financial literacy continuum, community banks bank, offer a greater sense of permanency to their have the resources and local expertise to help set money, and establish the foundation of a life- them on the path to success. It's a relationship long relationship with their community bank, they can count on wherever life takes them today, Some parents encourage their kids to save half of tomorrow, and in the decades ahead. what they earn or receive and follow along with them as they watch their "nest egg" grow, from their allowance contributions, birthday money, and interest. Sponsored content paid for by Peoples Bank Theresa Terry is the Retail Branch Manager of the Peoples Bank East Wenatchee Branch. Peoples Bank offers a full range of personal and commercial banking services at its two branches in the Wenatchee Valley. From Birthday Money to Retirement , Financial Literacy Begins Early Banking isn't only for adults . Helping children understand the basics of savings is an essential life skill . By Theresa Terry , Peoples Bank In these in - the - moment times of instant Once children are a little older , bring them along Imessaging , streaming what you want , when when you meet with your banker and encourage you want , and having your favorite meal delivered them to ask questions . Living and working in in minutes , long - term financial goal setting can the local community , we love being able to serve be an anomaly for children and teens . multiple generations - it's a great opportunity for Yet the need to learn the importance of saving , your youngster to get to know their banker better investing , and sound money management has and for us to get to know them , a relationship never been more important . After all , if you we'll build on as their financial goals evolve . don't learn early on to save at least a bit of your For teens who have regular expenses , such as for allowance or babysitting money for that new a sports team , a hobby , or a vehicle , a checking video game , it will be a lot more difficult to save accountlike Peoples Bank's Teen Access Checking for a house or your retirement down the road . Account is a practical solution that includes all Studies suggest that while interest rates have the essential services a teen will need such the increased dramatically in recent years , personal Teen Access Debit Card , Online and Mobile savings rates haven't kept pace - even though Banking , or Zelle . There are no monthly service many indicate they want to save more . Data charges , no minimum balance requirements , no shows personal savings accounted for just 4.1 check writing , and no overdraft coverage . It's a percent of disposable personal income as of simple , straightforward checking solution that April 2023 , well below pandemic highs of 33.8 helps teens learn to manage their spending . percent in April 2020 . Once teens start dreaming of the independence The bright side : Saving today's resources for a vehicle offers , a first loan might also help them tomorrow Now the good news . One of the best ways to prepare children for their financial future is by instilling the principles of financial literacy - and that begins with modeling sound practices from the " teachers " closest to them : you . purchase their first car while having enough in the bank for necessary costs like insurance , gas , and maintenance . As a financial experience , it also gives them a taste of the bigger expectations other responsibilities , including investing and of college expenses , rent , homeownership , and retirement planning . A youth savings account , like that offered by No matter where your children are along the Peoples Bank , is a great first step . It will take their financial knowledge beyond the piggy financial literacy continuum , community banks bank , offer a greater sense of permanency to their have the resources and local expertise to help set money , and establish the foundation of a life- them on the path to success . It's a relationship long relationship with their community bank , they can count on wherever life takes them today , Some parents encourage their kids to save half of tomorrow , and in the decades ahead . what they earn or receive and follow along with them as they watch their " nest egg " grow , from their allowance contributions , birthday money , and interest . Sponsored content paid for by Peoples Bank Theresa Terry is the Retail Branch Manager of the Peoples Bank East Wenatchee Branch . Peoples Bank offers a full range of personal and commercial banking services at its two branches in the Wenatchee Valley .