Teenagers are often busy maintaining a high grade point average, doing homework, hanging out with friends, playing sports, and holding down an after-school job. With so much already on their already full schedule, it can often be overlooked that teenagers should also learn fundamental financial skills, like budgeting and managing their own high school student checking account. As a child, it may have been enough for your son or daughter to put allowance and birthday money into a piggy bank on their shelf, but as he or she becomes a teenager, it’s a good time to start developing prudent financial skills in preparation for college and adulthood.
What are three benefits of teenagers having a checking account?
- Gain Financial Responsibility. Teenagers with parent or guardian-guided responsibilities will gain a better understanding of the importance of financial management as they develop into mature adults. “The responsibility that comes with having a checking account can help prepare students for the next phase in their life,” said Jennifer Miller, Product Management Officer. “Assisting your child with their finances while he or she is still under your roof can help guide them along in their financial journey. Once they’ve mastered how to manage their own money and learned how to make the difficult decisions of how to spend it, a checking account can help students make better financial choices into adulthood.”
- Enjoy Checking Account Perks. With an FDIC-insured checking account, your teen will have access to all of the tools associated with a checking account, like access to ATMs, online bill pay, and mobile banking options. Plus, your teenager will have the ability to have his or her own paycheck direct deposited into the checking account. This eliminates the security issues associated with carrying large sums of cash.
- Establish a Banking Relationship. Once your teen is out on his or her own, having a personal banking relationship already established puts them ahead of the game when it comes to larger financial decisions. “Since the student will already have an established banking relationship, it will make it less cumbersome for he or she to know where to go to for knowledgeable assistance when it comes time for things like opening a savings account and seeking home or auto lending,” said Miller. “It will also give your son or daughter an idea of the importance of using established banking products, so they’re not pressured to succumb to the high fees associated with non-traditional banking products and cards. A student checking account is a great stepping stone for your teen’s overall financial future.”
When you’re looking for the best student checking accounts to help get your teenager started on the path to financial wellness, for as little as $100, you can open a checking account securely online. Learn more about find the benefits of using a checking account from First Bank and open an account online today!