When did you get your first bank account?
Bradley Liu, age eight, opened his just a few weeks back. He was excited to put his allowance money – earned from helping with chores around the house, finishing his math homework, and practicing piano – somewhere secure.
For his parents, Carol Chen and Tony Liu, saving some pocket money and getting a bank account where he could keep it were two ways they were hoping could serve as a starting point for teaching Bradley about budgeting and saving.
In fact, based on the results of a new survey conducted by Maru Public Opinion on behalf of TD, Canadian parents believe the two most important financial skills for children to learn are budgeting (73%) and saving money (72%).
According to the same survey, nearly three in five Canadian parents frequently worry about their children's financial future. Nearly 90% of respondents agreed that they would feel more confident if their children had learned better financial literacy skills by their teenager years.
Bradley's parents encourage him to save up for things that are important to him – for him that's video games, birthday gifts for his friends, and a peanut-filled chocolate bar he's been eyeing.
Until recently, Bradley kept his allowance and pocket money in a piggy bank, but his parents wanted him to open a youth bank account from TD, which they believe will help make his money-saving and budgeting journey more official as he worked on his burgeoning financial literacy skills.
Looking for ways to teach children ages 3-18 financial literacy? Get age-by-age ideas from TD.