CONNECTOR.AE 34 CONNECTOR.AE 35 Kids And Education Kids And Education Introducing Banking For Children Learning how to be financially stable is a great lesson to start incorporating from a young age. As children grow, teaching them the importance and value of money is a critical life skill that helps them in saving and using their money wisely. It also teaches them the benefits of saving, and helps create a habit which they can implement throughout their life. Many parents give their children pocket money, which they earn based on a number of things from tasks completed around the house, for excelling in academics, good behaviour, or participating and winning laurels in extracurricular activities. A great way to help cultivate a sense of financial independence is through parents setting up a bank account, where children can be given the ability to manage their money and how much they spend and save. By having a bank account, children are better able to understand how to save as they can check their accounts, see the balance and make decisions accordingly, teaching them the importance of saving. Additionally, rather than receiving the pocket money and using it immediately, when the money is deposited into a bank account, it offers a platform for children to keep their money safe, without spending it all in one go. Through teaching children about managing finances, they are also able to learn how to budget. When looking to buy something for themselves or planning outings, parents can sit with them and explain the importance of setting a limit on how much money should be spent. Some banks have special accounts for children, which give them higher interest rates, a great incentive to teach children to save more. Parents can also maintain access to the accounts, and ensure their child is managing their finances in the right way. With their own bank accounts, children can also set financial goals with the help of their parents, where they can save money to buy the items they want. Here are some banks accounts that Connector has found that offer special benefits for children, to get them started on their journey to managing finances. EarlySaver Account and Deposit: The EmiratesNBD EarlySaver Account and Deposit is a great account for parents that are looking to manage and transfer money for their children. With this, parents can get supplementary cards for their children allowing them to make transactions as well as can keep track of how much is being spent. With interest rates calculated daily, the money earned will be credited to the account monthly. The account also offers amazing deals for families to enjoy fun-filled activities. www.emiratesnbd.com Shaatir Savings Account: Dubai Islamic Bank’s Shaatir Savings Account is good for children to understand how to manage finances. With no minimum opening charge and maintenance fee, the account can bemanaged online and comes with a personalised debit card. The account shows how much money is in the account, making it easier for children to better understand managing money. www.dib.ae Neo NXT Account: The bank account for children aged 8 to 18 years old by Mashreq NEO is great to understand how to manage money. The account has zero fee charges and comes with a personalised debit card, for children to make transactions when going out and about. To make it easier for children to understand how it works and manage finances better, a dedicated app with a simple interface is available. www.mashreqneo.com
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