Teaching Kids About Money

A resource roundup for starting your kids’ financial education

We have the same financial goals for your child as you do: to learn and build on basic money skills, to make responsible financial decisions, and to use their accounts (and eventually, their credit) wisely and safely. You’ve got this — with a little help from your friends at UBT. We’ve put together some resources to help you teach your family smart money lessons.

Money: a necessary good

From sending your kiddo to look for coins in the couch to sending them off to college with a credit card, teaching about money happens whether you want it to or not. It’s just a matter of what they’re learning. In this helpful article, we outline five important reasons for intentionally teaching your kids about money early on, plus some additional tools and even a special offer from UBT to help get you started.

5 reasons to teach your kids about money now

Budgeting and being a good role model

Where (and when) should you start teaching about money? By serving as a role model and leading by example, discussions about financial advice happen pretty naturally from an early age. When it comes to teaching kids about money, the combination of leading by example, explaining why saving is important, and helping to be mindful of spending can aid in teaching your kiddos to make smart money decisions. UBT’s Financial Literacy Manager Caitlin Moore shares how her experience with allowance shaped her money experiences and also shares some budgeting basics. 

Teaching with intention: the power of allowance

Proactive budgeting: the perks of planning ahead

Allowance as a teaching tool

Many parents offer their kids a weekly stipend for their spending without thinking too much about it. But an allowance can be used as a valuable tool to give your kids a head start on learning about money, including how to budget, how to prioritize needs and wants, and how banks work. Starting early really is key to building strong financial foundations (but trust us, it’s never too late). Click through for tips and suggestions around teaching with intention using the almighty allowance.

Starting early: How to use allowance as financial education

Tools for kids

As any wise parent will tell you, kids are more apt to get on board if you make it fun. Kids of all ages can be more easily engaged in the financial process with a little technology and a bit of a challenge. A fun app like Save! The Game, Savings Spree, or Fam Zoo can help the younger kiddos grasp money concepts. And using a tool like UBTgo and Money Compass or getting some careful lessons from you on transferring money between family and friends with Zelle® digital payment service can serve as incentive for all but the tiniest tots. 

Chores are the most common way for kids to make money, but sometimes getting started can be a bit tough. To get family members of all ages in a chore-minded mood, we put together a fun chore time playlist (that parents and kids will both enjoy). And for more inspiration, Insider Reviews published a fun article in September 2020 reviewing products that make household chores fun.

12 products that make household chores fun for kids and easier for parents

Downloadable Chore Chart

We’ve put together some downloadable goodies for you and your kiddos — everything from savings and chore charts to suggestions for age-appropriate chores. Check them out now!

Types of accounts

When we’re talking kids and savings, a savings account is a natural transition from the piggy bank. Our Simply Savings Student account, with no maintenance fee, is the perfect starting point — especially now, when we’re matching opening deposits up to $25* (seriously — it’s our Piggy Bank Match for kids 13 and under).

Additionally, checking accounts such as our Simply Free Student account are a good resource to look into for older kids as they start earning and managing their own money.

*To qualify for the promotion, you cannot be an owner on an existing Union Bank savings account. Eligible for ages 13 and under. A parent/guardian or grandparent must be a co-owner of the account. $5 minimum opening deposit required for this promotion. Account must be opened in person at a branch from 10/01/21 through 11/30/21. Union Bank will match up to $25 of your new Simply Savings Student account opening deposit. You will receive the matching deposit to your Simply Savings Student account within 10 days of opening your account. There is no minimum time or balance requirement to receive this bonus. Limit one per child and cannot be combined with other offers. Member FDIC

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Learning Center articles, guides, blogs, podcasts, and videos are for informational purposes only and are not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.