Preparing Kids for a Credit-Heavy Culture


In our culture going into debt is easier than ever before. These days we can get financing for just about anything. You can finance a car. You can finance a laptop. You can even finance a blender if you wanted to. And then there are credit cards. Today its speculated that Americans have accumulated roughly $1.04 trillion in credit card debt alone. It is clear that our society is in a credit crisis. But why do we have such a hard time staying out of credit card debt? Most analysts speculate 2 main causes of our credit-driven society.

  1. We live in an instant gratification culture. We want things now, and we are willing to do so using credit.
  2. Many Americans have never received proper coaching on how to manage their money.

So how can we equip our children to have the financial understanding and experience they need to be prepared as they enter the real world? It seems like the most straightforward approach would be tackling the two areas above.

Let’s say your son or daughter has a particular toy they want. Instead of going out and buying it for them, consider implementing a chore system where they work to earn enough money to buy the toy. By doing so you instill the value of hard work, while also pushing back against the instant gratification culture.

As they earn money, have it deposited into a kid’s checking account like OSB Kids Club. Checking accounts like these provide a great place for children to develop an understanding of what managing their money looks like. It makes them feel like a grown-up while allowing you the opportunity to guide them through the process of putting in and taking out money. And let’s be honest. Having a central location for all of their money is much less stressful than trying to dig it up from wherever they could have stored it last.

Accounts like these allow for real-world educational opportunities that truly impact the lives of children. By walking them through the process of earning and saving you are taking steps to ensure your children go on to develop smart money management strategies that will set them up for a lifetime of financial responsibility.

Want to learn more about kid’s checking accounts like OSB Kids Club? Click here