With a new school year having commenced, the time has never been better to teach children how to become financially savvy and prepare for the future. By teaching your children about money, you help them discover the relationships between earning, spending and saving. By doing this, children also begin to understand the value of money.
Financial literacy can begin at a young age with simple money concepts, such as counting coins and making change for purchases. Older children can learn about savings accounts and creating a personal budget. The key is to teach them a concept and let them try it out, even if it means a little extra time in the toy store, while your little one painstakingly counts out coins from his or her piggy bank. This will also enable them to understand the value of money.
With the new year and a new academic school year, parents can give their children a financial head start by opening up a Bank Windhoek Solo account, a transactional account with savings benefits, tailor-made to the needs of children and young adults up to 18 years.
The Solo account offers no monthly service fees, free ATM withdrawals at Bank Windhoek ATMs, access to Cellphone Banking for features such as airtime top-up and payments to beneficiaries, favourable interest, free Balance enquiry and mini-statement at Bank Windhoek ATMs and debit and stop orders can be linked to the account.
The Solo account also comes with a Visa Electron Debit card, meaning children can shop without the risk of carrying cash at their favourite shopping outlets by paying with their Solo Debit card at the Point-of-Sale (POS) devices (no transaction fees payable on Bank Windhoek POS devices).
Children can also select a Solo card of their choice from a range of four funky Solo Visa Electron Debit card designs.
“A transactional account with savings benefits, such as the Bank Windhoek Solo account for children, gives your child the opportunity to learn what it means to save, transact in a branch, at ATMs and Point-of-Sale devices and to learn about other basic banking terms such as balances and earning interest, thereby exposing them to the world of banking from a young age.
With the added benefit of access to Bank Windhoek’s Cellphone Banking, you can give your young adult a head start to become financially savvy,” said Bokkie Cloete, Manager: Business Development (Traditional Banking Channels) at Bank Windhoek.