Saving for the Future.

James M Sandbrook of
Wairakei Place, Tokoroa.

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Child Bank Accounts

Back during the 1950’s to the 1970’s/1980’s, depending where you were in the world children at school had bank accounts.

The teacher would explain to the children the advantage of having a bank account and that when they were adults they would have money in the bank to help them buy a car, house, clothing. The idea was to give the children a boost financially and to teach them that to be responsible for their own futures it was wise for them to get into the idea of saving money on a weekly basis.

The only thing I did not like about this scheme was that the poor children looked obviously poor when they had no money to put into their bank accounts while the Middle-Class and more wealthy children did.

Maybe school could make a deal for support off wealthy people to help the poor children save.

I liked the idea of school bank accounts and I imagine that the homeschooled children may have done something similar.

I was from a not-so-wealthy family, in other words poor. And often we didn’t bank because out parents would give us no money to bank, but I did like the idea and what it taught us.

The teacher would explain how we would accumulate with Interest on our money and how the banking system worked and the benefits of being prepared for the future, for marriage, and that any amount of money would be a help when we got a job. It also allowed parents to be responsible and to help their children in the future when they would need that extra financial boost starting their own family.

Some bank accounts were not free to the student until a certain age, such as 25 years old, only then could the money be withdrawn.

I do seriously think that the school/Homeschool banking for children should be revisited and put back into place.

All the best from

James M Sandbrook.

16th of March 2021.

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