Children under the age of seven are too young to understand concepts such as finance, saving, budgeting etc, so the onus falls on the parent to act on the child’s behalf.
It’s always a good idea to build a bit of a financial nest for your child as soon as possible (we’re talking as early as baby and toddler).
This could be for education purposes, or could be an account where you just start to put away savings. You can always decide to move the money to an account of your choice while you decide on the purpose of the savings.
A trend that has become more and popular with baby, toddler and young children’s parties is to not buy a gift for the birthday girl or boy, but to deposit money is a savings account for the child.
For the first two or three years of a child’s life, there are only so many toys that they can accumulate and play with, so why not (if they child has a savings account) deposit some money there instead.
Suitable Products
Parents need to speak to their financial advisors or bank consultant to understand what the best product would be.
- Unit Trusts
- Educational Policies
- FNB Investment Accounts, such as Simply Save, FNB 32 Day Interest Plus, FNB MyFirstSavings, FNB Fixed Depost
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