>> DOESN’T GOOD MONEY. HABITS AT A YOUNG AGE HELPS CHILDREN BUILD A STRONG FINANCIAL
FUTURE. IN FACT, EXPOSURE TO
FINANCIAL EDUCATION EARLY IN
LIFE. RESULTS IN A 21%
DECREASE. AND THE LIKELIHOOD
THAT CHILDREN WILL CARRY A
CREDIT CARD BALANCE WHEN THEY
GET TO COLLEGE. WELL, HERE TO
SPEAK WITH US ON HOW YOU CAN
GET A JUMP. START ON BUILDING
YOUR CHILD’S FINANCIAL FUTURE
IS ASHLEY ROBINSON FROM FIRST
FLORIDA CREDIT UNION. SO GOOD
MORNING. ASHLEY, THANK YOU SO
MUCH FOR BEING HERE TODAY WITH
US.
>> GOOD MORNING. THANKS SO
MUCH FOR HAVING ME.
>> ABSOLUTELY. SO I KNOW A LOT
OF PEOPLE ARE REALLY CAUGHT UP
IN THE PRESIDENT. DIDN’T
REALLY THINK ABOUT, YOU KNOW,
THE FUTURE, ESPECIALLY THE
CHILD’S FUTURE, GET
FINANCIALLY. SO TELL US THE
IMPORTANCE HAVING A FINANCIAL
FOUNDATION FOR YOUR CHILD.
>> ABSOLUTELY. AND STARTING
THEIR FIRST ENCOUNTER IS AN
IMPORTANT STEP IN TEACHING MEN
THIS CORE FINANCIAL CONCEPTS,
CLOSING THEM TO BASIC BANKING
IF YOU STARTED AND HELP FOR
YOUR CHILD, YOU’RE GOING TO
TEACH THINGS LIKE GOAL,
SETTING SAVING STRATEGIES.
YOU’LL TEACH THEM AS THEY GET
A LITTLE OLDER AND THEY GET
THEIR FIRST CHECKING HOUSE.
YOU’D BE WISE SPENDERS ALONG
THE WAY. AND THAT’S ALWAYS
JUST BOLSTER THEIR FINANCIAL
FUTURE AND TEACH. THAT IS
IMPORTANT CONCEPTS WEATHER.
WHERE THERE’S LESS CONSEQUENCE
THAN WHEN THEY HAVE TO DO IT
ON THEIR OWN AS AN ADULT.
>> SO WHAT’S THE BEST WAY TO
DO THAT? YOU JUST OPEN A BANK
ACCOUNT.
>> SURE. YOU WANT OPEN A BASIC
SAVINGS ACCOUNT FOR YOUR CHILD
TO START OFF AND YOU CAN DO
THAT AT ANY AGE FOR FOR ME. I
JUST HAD MY SON 7 MONTHS AGO
WHEN WE OPENED HIS FIRST HOW
MANY IS JUST 2 WEEKS WE USE
THEM ENOUGH AND YOU GOT FOR A
BABY SHOWER. REALLY KICK.
STARTED WITH THE SAVINGS
ACCOUNTS. YOU CAN DO THAT ANY
AGE. BUT REALLY WANT TO MAKE
SURE YOU HAVE AN ACCOUNT FOR
YOUR CHILD’S THAT BY THE TIME
YOU’RE AN EARLY ELEMENTARY
SCHOOL BECAUSE THE SCENE YOU
SPEND MONEY, THEY KNOW WHAT
MONEY IS. NOT A GREAT TIME TO
BUILD NATION OF SAVINGS AS
THEY GET A LITTLE AROUND 13 OR
EARLY HIGH SCHOOL. THAT MAY BE
A GREAT TIME TO SET UP AND
BASIC CHECKING ACCOUNT FOR
THEM. WE HAVE STUDENT CHECKING
ACCOUNTS AVAILABLE AT FIRST
FOR A LOT OF OTHER FINANCIAL
INSTITUTIONS. DO WELL AS
THAT’S WHEN GET A DEBIT CARD
FOR THE FIRST TIME. AND THAT’S
A GREAT LEARNING EXPERIENCE
FOR THEM TO MANAGE THAT CARD
TO MONITOR THEIR TRANSACTIONS
AND TO REALLY BUILD THAT INTO
THEIR FINANCIAL AWARENESS AS
WELL.
>> AND I KNOW A LOT OF PARENTS
SOMETIMES ARE FOCUSED ON, YOU
KNOW, PAY THE MORTGAGE, GET IN
THE GROCERY, YOU KNOW, PAYING
ALL THESE BILLS. MIGHT FEEL
LIKE, YOU KNOW, I CAN’T AFFORD
TO HAVE A SEPARATE BANK
ACCOUNT FOR MY FOR MY CHILD.
WHAT A WAY THAT PARENTS CAN
BALANCE THIS SO THAT THEY CAN
DO THIS FOR THEIR CHILD.
>> ABSOLUTELY. IT’S THE
SAVINGS FOR YOURSELF. WE OFTEN
RECOMMEND THE 7 ODD IN
DEPOSIT, EVEN A VERY SMALL
AMOUNT TO GO TO A SEPARATE
SAVINGS ACCOUNT IN CASE YOUR
KIDS ARE GOING TO DO A SIMILAR
THING. THAT’S WHAT I DID FOR
MY SON. I SET UP A SEPARATE
SAVINGS ACCOUNT AND JUST A
LITTLE BIT OF MONEY. EACH
MONTH GOES INTO THAT AND YOU
CAN BE WHATEVER YOU CAN AFFORD
IT ME. A FEW DOLLARS. $5.10,
DOLLARS, JUST GIVING THEM A
GREAT START. THAT’S ALL IT
TAKES TO REALLY SET YOUR CHILD
UP FOR FINANCIAL SUCCESS.
>> AND I KNOW THERE’S THERE’S
A BUNCH OF DIFFERENT TYPES OF
BANK DOES IT MATTER WHAT TYPE
OF BANK ACCOUNT YOU SET UP FOR
YOUR CHILD, WHICH IS
PREFERRED?
>> GENERALLY, WELL, DO YOU
HAVE BASIC SAVINGS ACCOUNT FOR
YOUR CHILD? AGAIN, WE HAVE
SPECIFIC PRODUCTS FOR YOUNG
ADULTS AND YOUNG KIDS LIKE
STUDENT CHECKING ACCOUNTS. BUT
IT’S IMPORTANT TO KNOW IS WHAT
YOU NEED IN ORDER TO DO A LOT
OF PARENTS HAVE THAT
INFORMATION. BUT MANY CASES,
IT’S NOT JUST PARENTS SETTING
UP THESE ACCOUNTS FOR THEIR
KIDS. IT’S OFTEN THEIR
GRANDPARENTS OR OTHER ON
GROUND FLOOR, OTHER GUARDIAN.
AND SO MAKE SURE THAT YOU HAVE
ALL THE NECESSARY INFORMATION
BEFORE YOU GO TO OPEN THE
ACCOUNT AND MAKE THAT A VERY
PROCESS JAIL, YOU’RE GOING TO
BE THE CHILD’S DATE OF AND
SOCIAL SECURITY NUMBER. BUT
OFTEN TIMES IF YOU’RE ALREADY
ESTABLISHED AS A MEMBER OR
CUSTOMER THAT FINANCIAL
INSTITUTION, YOU ALSO NEED TO
PROVIDE YOUR SOCIAL SECURITY
CARD. AND A LOT OF FOLKS
FORGET THAT. SO JUST MAKE SURE
YOU HAVE ALL THE DOCUMENTS
PLACE AND THAT THE COUNTY
EASILY SET UP FOR YOUR CHILD
TO SET THEM UP FOR FINANCIAL
SUCCESS.
>> OKAY. AND REALLY QUICK, IS
THERE AN AGE WHERE YOU SHOULD
ALLOW THE CHILD TO TOUCH YOU
WAIT TILL 18 ARES AND LIKE,
ALL RIGHT. YOU CAN DO 10 TO 13
OR USE IT WHEN YOU NEED IT.
>> IT’S REALLY UP TO THE
FAMILY AND HOW THEY FEEL ABOUT
IT. BUT I SEE YOU WHEN I
WORKED AND THE ELEMENTARY THAT
THEY REALLY DO HAVE A CONCEPT
MONEY. SO IT’S A GREAT TIME
RIGHT AROUND AGE WHERE YOU CAN
HELP AND TO SAVE INTO THE
COUNCIL, ALLOW THEM INTERACT
WITH IT THAT AGE. MAYBE YOU’RE
ENCOURAGING THEM WHEN THEY GET
$5 BIRTHDAY CARD MONEY TO PUT
THAT INTO THEIR SAVINGS
ACCOUNT WORK. THEY’RE DOING
CHORES GETTING AN ALLOWANCE
THAT THEY LEARN TO TAKE A
PORTION OF THAT AND SAY IT’S
ALSO A GREAT TIME FOR YOU TO
TEACH THEM HOW TO SPEND IT
WISELY AS WELL. SO NOT JUST
PUTTING MONEY AND TAKING MONEY
OUT OF THE ACCOUNT. MAYBE
YOU’RE GOING TO HAVE THEM SET
A GOAL AND THEY CAN SAVE UP
FOR IT AND THEN THEY GET TO
SPEND A LITTLE MONEY FROM THAT
ACCOUNT. AROUND THAT EARLY
ELEMENTARY AGE, PROBABLY A
GOOD TIME TO HELP THEM
INTERACT WITH THAT ACCOUNT TO
LEARN THE INS AND OUTS OF HOW
TO USE IT.
>> I ABSOLUTELY LOVE THAT. I
KNOW THESE ARE SO MANY GREAT
SUCCESS GOING TO HELP SO MANY
FAMILIES. THANK YOU SO MUCH.