According to the Economics Help, “A bank is a financial institution which is involved in borrowing and lending money. Banks take customer deposits in return for paying customers an annual interest payment. The bank then uses the majority of these deposits to lend to other customers for a variety of loans. The difference between the two interest rates is effectively the profit margin for banks. Banks play an important role in the economy for offering a service for people wishing to save. Banks also play an important role in offering finance to businesses who wish to invest and expand. These loans and business investment are important for enabling economic growth.
The main purpose of banks
Keep money safe for customers
Offer customers interest on deposits, helping to protect against money losing value against inflation.
Lending money to firms, customers and home buyers.
Offering financial advice and related financial services, such as insurance.
First-Citizens Bank & Trust.
Examine your own attitudes about money.
Give your child an allowance and let them make their own spending choices with it.
Expect your child to help with family chores.
Provide extra income opportunities.
Teach your child to save regularly.
Help your child discover the satisfaction of sharing.
2 thoughts on “4 Things You Need To Teach Your Child About Banking Before They Start College”
Enjoyed your message. I did the envelope system when my kids were growing up. Whereas I would have them with three envelopes one for an offering to the church, second one for their savings account at the bank and lastly an envelope for them to share and spend on something they may want and to this day they are now grown even though they use a bank but they still use the envelope system so it worked
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Awesome. Thanks for sharing. It is an excellent idea:)