Ask Amy: What Are the Top 3 Frequently Asked Questions from Parents About Kids and Money?

Young Americans Center for Financial Education General 2 Comments

This post is made possible through the generous support of Great-West Great-Teachers, a program of Great-West Financial.

2013_MoneyQuestionIn my job, I encounter hundreds of parents all looking for the same thing – or close to it. Whether it’s healthy eating, a strong work ethic, a dedication to school, or just a great attitude, most parents just want what is best for their children.

That’s why it doesn’t surprise me that there are three questions that come up with most parents. I’m going to share these questions and the answers I give to all parents.

Here are the top three questions I’m asked:

  1. How do I know the saving and spending personality of my child?
  2. Should I do an allowance with my kids?
  3. Should I let my child make money mistakes?

Watch this video to get my answers and explanations:

A few other questions I get are about the resources available. I’ve answered these questions in other blog posts, including, “What are the best apps for teaching money?” and “What are some books to read with my kids about finances?”  Be sure to check out these and other blog posts to carry on conversations in your house about money.

What other questions do you have? Ask your questions below and I’ll do my best to answer them!

Comments 2

  1. Dear young americans bank,
    I was wondering if you (as the child) needs anything to set up an account with Young Americans. I am 13 years old and I live in the Denver Metro Area but my school does not give out school id’s until high school and my parents and I are interested in setting up an account for myself, is their anything regarding identity that I should bring to set up an account?
    Thank you,
    Faith Mains

  2. Dear Faith,
    Thanks so much for your interest! To open an account, please bring your social security number or Individual Taxpayer Identification Number and have your parent(s) do the same. Both parents will need to be present if they will both be listed on your account. Your parents should also bring their IDs, but your ID is not necessary. We look forward to seeing you!
    Best,
    Young Americans Bank staff

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