As children prepare to head back to school, families are being encouraged to equip them with financial tools and skills to manage their own funds confidently and responsibly throughout the school year.
Delories Jones, head of JN Premier and JN Bank’s Youth Banking Unit, said tools such as savings accounts and debit cards can help children manage money safely, build independence and develop habits that can last a lifetime.
Set Foundation with a Savings Account
She highlighted the JN Bank Easi-Save account, tailored for children up to 17 years, as a strong example of the resources available to help children develop money-smart habits from early. The Easi-Save account, integrated in the bank’s long-running School Savers’ Programme, is designed to nurture a culture of saving and responsible money management in children from an early age.
“Financial literacy is essential at every age,” Mrs Jones said. “Teaching our children, from an early age, to manage their own funds prepares them not just for school, but for life. Opening an account for children at an age when they can handle the responsibility, which can be accessed online and via a debit card, can help them budget, save and make wise financial decisions,” she added.
Teach Smart Debit Card Use
She noted that a debit card can help students to access only the necessary cash, reducing the risk of theft or loss, while allowing parents to maintain oversight of their spending. However, she emphasised that with this, parents should also guide children in safe debit card use, including teaching them to spot red flags like tampered devices, pay attention to alerts for suspicious transactions and not share sensitive information with anyone.
“Carrying cash daily can expose children to unnecessary risk, especially if they are openly displaying or handling large amounts of money,” she said. “With an account, like the Easi-Save account, your funds remain secure and you can monitor and track all transactions online through our JN Bank LIVE online banking platform,” she said.
Make Budgeting a Fun Lesson
Mrs Jones also encouraged families to discuss budgets with their children and encourage students to use allowances received wisely.
“Parents can make budgeting into a fun lesson by sitting down with children to estimate costs for meals, transport and school supplies. Help children distinguish between needs and wants.” she said. “This helps them understand limits, priorities and the value of setting aside even a small portion in their accounts towards future expenses or emergencies that may arise over the school year,” she added.
Build Everyday Money Skills
Beyond managing money through the bank, Mrs Jones also recommended that families involve children in practical money exercises that build critical thinking and responsibility.
“Teach children to compare prices and look for value when spending. Even small decisions, like choosing between a particular snack or fast-food combo can be consequential,” she said.
Explore Digital Tools and Resources
She also urged families to leverage digital solutions, which many children may already be familiar with, to teach financial responsibility in an engaging way. She said resources such as the JN Bank Savings Hub, JN Financial Academy, along with other platforms like Youtube, are helpful, with interactive tools, tips and educational content designed to help everyone learn to save, budget and manage money safely.
“There are many digital tools and resources available to help persons learn about managing money from an early age,” Mrs Jones said. “Families can explore these options and encourage children to even share what they learn with their friends to make it a fun, social and practical experience,” she added.
