Personal Finance - for Children

[visualk]

Hello fellow Beyonders, I am trying to figure out what financial services are available to children. My child is 10 years old and I was thinking of opening a bank account for her to get exposed to how banking works (i.e. debits and credits, etc). I checked at my financial institution but they said they have to be 16. I'm wondering if anyone can recommend any tips or ways they got their children involved with personal finances.

Cheers!

[kobe tai]

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Hello fellow Beyonders, I am trying to figure out what financial services are available to children. My child is 10 years old and I was thinking of opening a bank account for her to get exposed to how banking works (i.e. debits and credits, etc). I checked at my financial institution but they said they have to be 16. I'm wondering if anyone can recommend any tips or ways they got their children involved with personal finances.

Cheers!

Which bank? I opened bank accounts at TD for both my kids and they're only 9 and 11

[suntan]

It's amazing just how retarded bank employees are.

All the big banks have children's accounts. 16 is usually the age for a student account.

[ExtraSlow]

Rbc does kids account. Everywhere else should too.

[vengie]

Biggest lesson you can teach them is the "dad tax".

Every piece of candy, chocolate, or anything delicious dad must immediately take 40% of it.

[nismodrifter]

Leo Savers Account. RBC.

[killramos]

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Biggest lesson you can teach them is the "dad tax".

Every piece of candy, chocolate, or anything delicious dad must immediately take 40% of it.

Was just going to post exactly this.

[Tik-Tok]

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Biggest lesson you can teach them is the "dad tax".

Every piece of candy, chocolate, or anything delicious dad must immediately take 40% of it.

Then slowly start taking a higher percentage, while offering fewer "dad services"

[vengie]

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Then slowly start taking a higher percentage, while offering fewer "dad services"

This is the way comrade.

Definitely prepare them for the future in Canada.

[killramos]

The goal being you incent them to move out.

Wait this sounds super familiar.

[Yolobimmer]

Best service you can do for your child is take them to the worst part of town, drop in centre or something.

Show them the homeless. The drugged out. Tell your child this is what happens if they spend the whole dollar they earn. This is what happens when they make poor choices. The scarier the area, the more impactful. Maybe do it as the sun is just setting, it's a bit dark etc.

Then, the most important financial lesson of "save a portion of every dollar you are given or earn" is easy to teach.

My dad did this for me. I never forgot.

As for where to invest. Doesn't matter. Some ETF, emerging market or technology ETF, or even a portion into Etherium.

[rage2]

I looked into getting a credit card for our teen to help him build credit, but apparently it’s impossible. Secondary cards just count towards my credit, and I can’t co-sign an individual account for him. Was told it’s to do with credit agencies not allowed to track for minors. Anyone had any success in anything to build credit for under 18?

[Tik-Tok]

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The goal being you incent them to move out.

Wait this sounds super familiar.

If you really want it to hit home, make sure you "refund" some of that food to them after you've processed it, and expect them to be grateful.

[Twin_Cam_Turbo]

My parents started explaining their finances to me when I was a teen and that really helped me.

[ExtraSlow]

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I looked into getting a credit card for our teen to help him build credit, but apparently it’s impossible. Secondary cards just count towards my credit, and I can’t co-sign an individual account for him. Was told it’s to do with credit agencies not allowed to track for minors. Anyone had any success in anything to build credit for under 18?

There's so many programs to help students and young adults, that building credit score early actually doesn't do much.
post-paid cellphone is about all you can do for a kid. Doesn't make much difference though.

[vengie]

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My parents started explaining their finances to me when I was a teen and that really helped me.

Mine too.
My Mom is a Financial Advisor... Amazing how my net worth dramatically changed once I began actually listening to her...

Stupid young, stubborn vengie.

[killramos]

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If you really want it to hit home, make sure you "refund" some of that food to them after you've processed it, and expect them to be grateful.

Even better. Take some of that tax and give it to their younger brother that spends their time drooling in the corner.

[Darkane]

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I looked into getting a credit card for our teen to help him build credit, but apparently it’s impossible. Secondary cards just count towards my credit, and I can’t co-sign an individual account for him. Was told it’s to do with credit agencies not allowed to track for minors. Anyone had any success in anything to build credit for under 18?

Can you put the Shaw account in their name?

Your personal credit card can still do auto payments or what have you. The credit building should be in their name.

[sabad66]

Check out https://www.mydoh.ca/

Looks like a pretty cool service. My kids are still too young but definitely going to use this when they can start doing chores.

[Doozer]

I got both my kids set up with their own accounts when they were probably 10 and 7. They're now 14 & 11. They're linked under my account, so I can see their balances and manage their accounts, but they have their own bank cards and they don't pay any fees until 18 (maybe 16, but I think 18). Your bank likely does this and someone just didn't know.

Sure changed allowance day ... I just transfer money into their account. They barely touch paper money.