Why Teaching Kids About Money Matters

SVP, Managing Director - Head of Branch Banking

Start Young, Grow Smart: Why Teaching Kids About Money Matters

A Guide to Kids and Student Banking and Lifelong Financial Confidence

It’s never too early to learn how to manage money. In fact, teaching kids and teens about money early in life is one of the best ways to prepare them for a financially secure future. Whether it’s saving for a toy or budgeting for college, these habits build confidence, responsibility, and independence.

At Bank of Hope, we believe financial literacy should start young. That’s why we offer Kids and Student Banking tailored for different age groups—from kids to teens to young adults. But first, let’s explore why early money lessons matter and how families can get started.

Why Financial Literacy Should Start Early

Recent research has found that children begin forming money habits as early as age 7. Without early education, they may grow up confused about spending, saving, or borrowing. But when they’re guided to understand money early, they’re more likely to avoid debt and build good habits later in life.

Here’s what early money education can help teach:

• The difference between needs and wants
• Why saving regularly is important
• How to set and reach financial goals
• The basics of budgeting and tracking spending

These lessons don’t just lead to better money management, they empower kids to feel confident and capable.

Banking for Kids: Building Strong Saving Habits

For children ages 0–12, opening a kids savings account can be a great first step. It helps them experience real-life saving, while parents can guide them through the basics.

With a Bank of Hope Kids Savings Account, your child can:

• Deposit birthday money or allowance
• Watch their savings grow with interest
• Learn to wait and work toward their goals

Parents can use this account to show how money works, and why saving a little today can lead to something bigger tomorrow.

Teen Banking: More Independence, with Support

Teens want more freedom, and that includes how they use their money. Giving them the right tools and support helps them learn financial responsibility in a real-world setting.

The SmarTEEN Checking Account at Bank of Hope is built for teens ages 13–17, offering:

• A debit card with parental oversight
• Online and mobile banking to track spending
• A safe space to learn budgeting and money management

As a joint account holder, parents can view transactions and manage the account, so teens learn independence without being overwhelmed.

 College Students: Managing Money with Confidence

Young adults ages 18–25 are often navigating financial independence for the first time. Whether they’re managing part-time income, paying rent, or buying textbooks, they need simple and secure banking tools.

Bank of Hope’s College Banking Benefits includes:

• A checking account designed for college students and recent grads
• Direct deposit capabilities
• Tools to monitor spending and avoid overdrafts
• 24/7 access with mobile banking and account alerts

It’s more than just an checking account with benefits—it’s a launchpad for financial independence.

Tips for Parents: Raising Money-Smart Kids

Whether your child is five or twenty-five, it’s never too late to start teaching financial skills. Here are a few simple ways to build confidence around money:

• Talk about money openly at home
• Encourage earning through chores or part-time jobs
• Help them set savings goals for things they care about
• Let them make small mistakes and learn from experience
• Model good habits—kids watch what you do

Financial education is a lifelong journey, and you’re their first teacher.

Why Kids and Student Banking Matters at Bank of Hope

At Bank of Hope, we’re committed to helping families build strong financial foundations, starting early. Our Kids and Student Banking offers simple, age-appropriate accounts and tools to grow with your child through every life stage.

From their first piggy bank to their first paycheck, we’re here to support young savers and their families every step of the way.

Visit your local Bank of Hope branch or explore our Kids and Student Banking Programs online to get started.