Financial literacy is an essential life skill. From understanding the value of money to learning how to save, budget, and even invest, it equips children with the tools they need to make informed decisions. Before Financial Literacy Month ends, here is a simple guide to teaching young New Yorkers about finances.
Note: We are not a financial institution, be sure to consult with a professional before making any financial decisions.
Start early
When children are taught financial basics early, they’re more likely to develop responsible money habits. Concepts like saving for a goal, distinguishing between needs and wants, and tracking spending can help them build a strong financial foundation. As they grow, these skills evolve into more complex understandings of credit, debt, and investment.
Financial literacy programs in NYC
New York City offers several programs and resources to help kids and teens learn about money:
- Junior Achievement of New York (JA) – JA offers hands-on, in-school and after-school programs that teach financial literacy, work readiness, and entrepreneurship to K-12 students. Learn more.
- The Museum of American Finance (MFA)– MFA offers an eight-week after-school personal finance program for high school juniors and seniors. The program covers topics such as budgeting, saving, investing, and credit, aiming to prepare students for financial independence. Learn more.
- Summer Youth Employment Program (SYEP)– this program gives NYC youth the opportunity to explore careers, gain work experience, and learn financial literacy skills. Learn more.
Kids saving accounts
Several banks and credit unions offer savings accounts designed specifically for children and teens:
- Apple Bank’s Young Savers Account – Available to youths aged 6 to 25, this account has no monthly fees and encourages saving with interest on deposits. Learn more.
- Chase First Banking – This account is designed for kids ages 6 to17. It allows parents to monitor spending and set savings goals via an app. Learn more.
- Citizens Student Checking – For students starting at age 14. No monthly maintenance fees for individuals under the age of 25 and unlimited ATM transactions. Learn more.
- TD Student Checking Account– This account has no minimum balance requirement and no monthly fees, making it easy for anyone under 23 to start saving early. Learn more.
- Brooklyn Cooperative Federal Credit Union – A local option that supports youth accounts and offers financial education as part of its mission to empower underserved communities. Learn more.
- Urban Upbound Custodial Account – Offers a series of resources and products including a custodial account. Learn more.
Tips for parents and Educators
- Use real-life examples – Let kids help with grocery shopping, showing them how to compare prices and create a budget.
- Start an allowance – An allowance gives kids money to manage and learn from.
- Create goals – Whether it’s for a toy, a trip, saving for a specific goal helps kids stay motivated.
- Play money games – Board games like Monopoly or digital apps can make learning about money fun.
