Securing a stable financial future for your children is a universal concern among all parents. The stability of the market has been questionable for the past decade and not every household has the ability to financially support their children on the path to success. So what steps can you take to help your children transition into adulthood?
Teaching your children how to manage money young is the first step to ensuring their future success at all income levels. According to the Consumer Financial Bureau, “a critical component of youth financial capability is helping young people obtain and utilize a bank or credit union account.”[i] Opening a bank account helps children physically see their finances and gives them the option of putting money into their savings account. The Bureau created a one hundred and fifty-five paged guide titled “Building Blocks to Help Youth Achieve Financial Capability.” The guide offers answers to questions parents may have when guiding their children through financial building.
Teaching children about financial stability also opens doors to train your children to take on other responsibilities. Obtaining a good insurance plan and understanding why insurance is vital to preserving a healthy financial future is one of these responsibilities. Similar to saving money, obtaining insurance does not offer immediate results; however, if you’re involved in a collision, or fall sick and have to go to the hospital, your insurance protects you from footing large financial bills.
Preparing your children to develop and maintain a financially secure future provides them with the building blocks to be successful in other aspects of their adult life. If you have any questions regarding depositing money into a blocked account the attorneys at Acclaim Law Group will help address your questions. Please call (858) 252-0781 to set up a free consultation.
Disclaimer: While we always seek to establish accuracy when publishing articles, this piece is not intended to provide legal advice and should not be used as such. Each individual case will differ and should be discussed with an attorney or legal expert. If you would like to inquire about pursuing a claim, please contact a personal injury lawyer San Diego at (858) 252-0781 or email brett@acclaimlaw.com
[i] Building Blocks to Help Youth Achieve Financial Capability: Measurement guide. (2018, June 22). Retrieved from consumerfinance.gov: https://www.consumerfinance.gov/data-research/research-reports/building-blocks-help-youth-achieve-financial-capability-measurement-guide/