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
- 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.
- 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.
- 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 recieive 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
Preperations for the meeting
|If the child is 6 to– 15 years old||If the child is 16 to– 17 years old|
|Parent (guardian) has to be present in the meeting||Yes||Not mandatory. However, guardian’s presence is needed if you wish to set up Smart-ID for the child.|
|Child has to be present in the meeting||Not mandatory, as the guardian can open an account for the child without the child’s presence. However, child’s presence is needed if you wish to set up Smart-ID for the child.||To open an account, either the guardian or the child needs to be present. However, to set up Smart-ID for the child, both parties need to be present|
|Visitors has to have ID documents||Yes. Both the guardian’s and the child’s documents.||Yes|
|Visitor has to have child’s birth certificate||Birth certificate is needed in cases when the guardian’s passport does not have an entry about a child.||Birth certificate is needed if the guardian is opening an account for the child and the passport does not have an entry about a child|
For the stability of your childs’ future
- Savings for your child’s future
- Insurance that provides financial support in case of traumas