By Maura C. Schauss, CFP
As parents, it’s in our very nature to want to take care of our children. We are wired to want the best for them and do everything in our power to give them a leg up in life. One way to do that is by helping them with their finances.
With only 24% of Millennials demonstrating basic financial literacy (even though 69% rated their knowledge highly),1 parents are beginning to realize that it’s up to them to teach their children the skills they need to survive in the real financial world. One way to teach your kids about money and give them a strong financial foundation for the future is by opening a financial account in their name. Here are some of the financial accounts that you can open for your children: