The State Of Savings For Kids
- 81% of parents feel it is their responsibility to teach their kids about money.
- 63% of kids have a savings account, 37% of kids don't.
- Of those with savings: 1) 73% were started at age three or younger; 2) 27% of kids have never made a physical bank transaction.
- 42% of kids add money to their bank account on a monthly basis.
- 38% of kids add money on birthdays & holidays.
- 72% of children with savings for a specific goal. Top goals: 1) Video games; 2) Toys; 3) College.
- 38% of parents match some portion of their child's savings account deposit.
- 30% of children who save money donate some portion to charity.
- 51% of kids receive an allowance. Oly 4% deposit allowance directly into a bank account.
- Tips to help your kids save: 1) Open own savings account; 2) Take them to the bank to see how deposit work; 3) Review monthly bank statement; 4) Set a savings goal; 5) Start a family match program; 6) Use allowance as a tool.
DoughMain | DoughMain.com/savings | The national survey of 2.034 adults with children ages 4-18 was conducted by TouvhStone Research between Ferbruary 6-13, 2012.