What better way to introduce banking to small children than to design an experience for them that is non-intimidating and fun as well.
This is exactly what Security Bank aimed for when they launched their Smart Saver Kiddie Camp which kicked off last May 19 and will continue to run in various areas.
Many years ago, when banks were more focused on high-income individuals, corporate accounts and working professionals, I had no other way of educating my small kids about the importance of saving. So what I did then was just to open “In Trust For (ITF)” accounts for them when they reached 7 years old. I maintained their accounts till they were older. Eventually, I gave them full control over their own money.
I am happy that banks like Security Bank are now focusing on financial literacy for kids at much younger ages than 7 years old (when I began with my kids). The right investing mindset, when inculcated while they are young, will become a habit that will carry till they become adults. And the best way to motivate kids to save is to teach it in a fun, creative, and engaging way.
This is what the Smart Saver Kiddie Camp aims to do. I had a glimpse of how it will be run through different areas of the country when I joined my much younger mommy bloggers in an afternoon of Smart Saver Kiddie Camp.
Each camp session lasts three hours and comes in two parts.
The first part involves a short talk from renowned financial experts. These experts will discuss basic financial management concepts in a very simple way so that the young kids can understand.
One of the best financial experts I know is my friend Rose Fausto. Her background as a former investment banker AND mom makes her the perfect resource speaker. Rose spoke first about her journey from investment banker to stay-at-home Mom, and how she reinvented herself to be one of the sought-after financial speakers, together with her banker husband Marvin and their three sons who are also resource speakers in financial literacy. What a family!!!
After the formal talk comes the second part – the FUN part! The kids will have a lot of colorful arts and crafts materials to play with as they design their own coin jars, learn the basics of Singaporean Math, or even participate in a shopping scenario where they learn to manage a “budget” and design a savings plan that they can use even after the session.
Of course, the best part of the Smart Saver Kiddie Camp will be an actual bank visit where the kids get to tour a Security Bank branch, open their own Junior One accounts, and queue to make their first deposit. By treating them like special clients, kids will really feel that their money is important to the bank (a very good idea — building high self esteem for them) and they become comfortable and familiar with banking. I remember that I had my kids fill up their own deposit slips and present these to the teller themselves to get them comfortable also with the process.
The Junior One account is Security Bank’s savings account product for kids 18 years and below. It offers an interest rate higher than regular savings accounts and only requires an opening and maintaining balance of PhP 100. Once the account reaches PhP 4,000, it starts earning 0.5% interest.
Do you know what often happens when the kids are introduced to financial literacy by camps such as Smart Saver Kiddie Camp? Eventually, the parents become even more financial literate themselves. Yes, there is a domino effect within the family! When parents attend the fora with their kids, they naturally end up learning more also about the benefits of saving AND investing. After all, kids tend to follow the examples of their parents.
At the Smart Saver Kiddie Camp, parents will be encouraged to participate as well. Security Bank prepared for this by lining up banking products geared for the parents like AllAccess – an all-in-one checking account meant to be a transactional bank account. It comes with a passbook for tracking of transactions, a checkbook for payment disbursement, and an Everyday Debit MasterCard to enable parents to shop locally or abroad without bringing cash.
If you are one of these parents and you are not yet ready to dive into opening an account but decide to do so after the camp event, Security Bank has The Human Switch Kit – a personalized banking service. Can you believe that you can just make an appointment at www.securitybank.com/switch-kit/ and someone will call you to schedule a visit from a Sales Associate? You got it….they will help open your account FROM YOUR HOME! I have not heard of any other bank offering this kind of personalized home service! I’m actually tempted to try this service with my kid.
Hurry, let your kids join this summer camp that does not just benefit them now but sets them up for life till their adult years. To learn more about the Smart Saver Kiddie Camp program, camp schedules and other details, visit any Security Bank branch. You can also log on to www.securitybank.com or call their hotline at (02) 88-791-88.
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