Robin Crowley, Head of Consumer Deposits for Bank of America (BOA) joined On Point with Juandolyn Stokes to share financial tips to help parents teach their children financial responsibility.
According to a survey by BOA, more than two in three current students are motivated by the potential for financial security, rather than fulfillment in their future career path.
Crowley says financial stability is top of mind for many parents and starting early with basic budgeting is a way to teach health financial habits.
Helping them understand the difference between needs and wants will help them with thinking through their purchases.
“Setting goals is great. Start small with saving, which can continue to change over time,” said Crowley.
Crowley also encouraged young people to use the BOA Keep the Change Program, which launched in July and allows customers to round-up debit card purchases.