From Baby Mozart to coding camp, parents often spend what little time and energy they have trying to find ways to give their children a leg up on learning. But one crucial piece of education that many kids in school are missing is financial literacy—which research shows has significant impacts on their quality of life well into adulthood.
Our finances affect the most important parts of our lives, including romantic relationships, career choices, our ability to buy property and retire with confidence, and our mental health. In fact, students who are educated in personal finance at a young age are more likely to receive lower-cost loans and grants for college in addition to having better average credit scores and lower debt delinquency rates.
These among many other benefits demonstrate why it’s critical to instill a solid financial understanding and money management skills as early as possible.
A Trusted Financial Partner for Life
Start by opening a Youth Savings account for your child and when they turn 11, open a connected Youth Checking account. Maintain both accounts and when your child turns 13 Teen Access is enabled. Under parental monitoring Teen Access your child's next level of financial independence with features like mobile and online banking, which allows funds to be transferred between the Youth Savings and Youth Checking accounts - and eligibility for Mobile Check Deposit and Direct Deposit.
Our accounts include access to budget and goal-setting features, plus a wealth of financial education and literacy resources from our Financial Wellness Program.
Learn More About MFS Youth Accounts
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