Everything needed for your 7 to 17 year old child’s first steps in the world of finances

How to teach your child financial literacy

See the video to learn practical tips. Watch it together with your child.

Pratical tasks to do with your children to improve their financial literacy

For children age 7 to 11

While giving your child pocket money, ask them to make a weekly plan of how they are going to spend the money and most importantly - how much they want to save for the future and what things they like to have, so they start saving money.
Discuss one wish or dream and see together how much it will cost, how much they will have to save and how long it will take. Make a plan to teach them how not to spend money before they reach their goal.
Give your child responsibility for organising dinner by giving the kid specific amount of money, after which go to the store together. Ask your kid to find all the ingredients and let him/her pay for it with pocket money you have given them beforehand specifically so they understand the value of the money.
Talk about expenses – a short conversation about income, prices and budget. Do your children know how much a house, milk, etc. costs? Make it a weekly discussion to build an understanding of the value of money.

For children age 12 to 15

While giving your child pocket money, agree that they will follow the spending. Talk about what they spend on and why they do it. Draw a conclusion, help them understand or improve.
Ask your kid to compare the prices to start making better decisions and save money.
Ask your child to plan an event using the budget you have created. Ask them to think it all through. Analyse and give feedback. Financial planning will help them to develop good budgeting habits.
Think about the value of the money. If your child wants to buy certain something, make them think how much hours do you as a parent need to work to buy this thing or for how long do they have to wait to collect it from the pocket money.

For teenagers age 16 to 17

Take a look at your child's spending and ask your child to take a week to change his or her spending habits to save. For example, instead of taking a taxi, use a bicycle.
Ask your child to write down their financial goals and how he/she plans to achieve them. Goal setting helps them to achieve their dreams.
Prepare your child for living alone - plan your expenses together. This helps to give your child a realistic idea of the future and the inevitable costs.
Read and talk to your child about investment opportunities.
Follow SEB Instagram account (seb.eesti/seb.latvija/seb.lietuvoje) to receive more tasks and challenges, tips and tricks.

Children’s account together with a special Junior offer for free

An account for allowance, child’s savings or first salary

Unlimited amount of free mobile or internet bank transfers to any bank in Latvia

Mastercard payment card without monthly usage fee. Delivered to your home

Modern mobile app with money request functionality and account balance change notifications

Possibility for the guardian to set up automatic allowance transfers or instantly add money to the child’s account

Opportunity to use the card for purchases and withdrawing money at ATMs

Three simple steps to open an account

Make the necessary preparations for the meeting
Book a meeting in the most suitable branch and time
Visit the branch to sign the customer agreement and gain access to the internet bank and mobile app, as well as apply for the child’s card

Documents necessary for meeting and other requirements

If the child is 7 – 15 years old

The child’s parent or other representative needs to visit the branch and:

Bring their own and the child’s passport or eID card.
The child’s birth certificate or other document which proves representation is required if the parent or other representative brings only their eID card or the parent’s passport has no entry about the child.

If the teenager is 16 – 17 years old

From the age of 16 persons can represent themselves – by bringing their passport or eID card, the teenager can visit the branch alone.

The account can also be opened by teenager’s parent or representative. In such case the parent or other representative needs to visit the branch and:

Bring their own and the child’s passport or eID card.
The child’s birth certificate or other document which proves representation is required if the parent or other representative brings only their eID card or the parent’s passport has no entry about the child.

To receive Smart-ID as an authentication tool for the mobile app an internet bank, minors need to visit the branch together with their parent or other representative. For minors, who open their account alone, we will issue code calculator as an authentication tool.