In conjunction with this week’s focus of
“money matters” I wanted to share a recent experience that I am feeling very
strong about. Growing up I really never got an education on money. I didn’t know
how credit cards worked, I didn’t realize how much things cost and I had no
real appreciation for the value of a dollar.
My son is 14 years old and at this age
they are starting to make money on their own by doing things around the house
for people or helping shovel someone’s driveway and really has no idea what to
do with it after that. He is used to bringing it to school and spending it at
the school store or concession at a sporting game.
I went to my bank to get a debit card
for him to attach to his savings account and to my surprise that wasn’t
allowed. I actually inquired about programs they had for kids and come to find
out the “norm” is to have nothing available to kids until they are 18.
Now, I understand the risks that are associated with this however… we are
completely guilty as a society of raising kids to be money stupid. I was
so happy to find out that there was a bank that actually had an account and
program completely for kids, a debit card that can’t get overdrawn, and online
accessibility so that parents and kids can go over how the account works.
I find it amazing that with all the
challenges our country has in the financial world that we are not educating our
youth on something as simple as balancing a checkbook or what APR means on a
credit card.
Now, as we started this newspaper as a
source of positive and solutions based news I do urge you to find a solution
and teach your children that a debit card is not a never ending “magic card”
that pays for things. I urge you to seek out a bank that has programs for
children to learn to take responsibility. I urge you to talk to your school
about providing financial education to our youth. I know I will be doing
all of these things!
-Kelly Mank
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