From Piggy Bank to Family Banking: BofA Launches New Solution to Help Parents Raise Financially Savvy Kids
Only 47% of college students feel financially prepared for the “real world”
Bank of America just announced a new solution to help parents support their children as they begin their financial journeys. SafeBalance Banking® for Family Banking is a bank account that offers parents the tools and resources they need to help their children practice healthy financial habits and learn to manage their money through a convenient, secure digital experience.
“For many parents, it can be hard to find the right financial tools and resources that can also instill positive financial habits in their children,” said Mary Hines Droesch, Head of Product for Consumer, Business and Wealth Management Banking and Lending at Bank of America. “Family Banking offers the foundation young people need for managing money, with support for parents seeking to help their children on the path to financial health and independence.”
A recent Bank of America survey found 90% of parents believe they bear responsibility in teaching their children financial literacy and 61% start talking to their kids about money by the age of 10.
“Designed with the whole family in mind, Family Banking offers the convenience and safety features parents seek, along with knowledge-building tools that will help set their children up for a strong financial future,” said Holly O’Neill, President of Retail Banking at Bank of America.
Family Banking can be opened via Bank of America online banking or the mobile banking app and allows parents to maintain oversight of their child’s spending and supervise the account. Key features include:
• Intuitive digital experience Better Money Habits educational resources help parents have personal finance conversations with a child
• Child’s first debit card: When a child is ready for their first experience managing money or budgeting, parents can give them access to a physical or digital debit card
• Flexible parental controls
• Account ‘Graduation’: As a child’s needs become more advanced, parents can add them as an owner to the account when they determine a child is ready
The solution allows parents to open a banking account for their child and will expand to include other enhancements next year. The account is geared toward parents with children under the age of 16.
To learn more about Bank of America’s resources for parents and their children, visit www.BetterMoneyHabits.com/Family.
