Most kids have piggy banks – 85 percent of children ages 8-14, according to a new survey from T. Rowe Price. However, in many cases whatever money is going into those piggy banks is coming out just as quickly. More than 40 percent of parents who give their kids an allowance say it’s all gone by the time the next allowance payday rolls around.
Clearly, a savings account–whether a plastic pig or a true bank account–needs to be accompanied by some teaching. Check out the ideas for making your kids wise in the ways of money in a guest post I wrote for the Bible Money Matters blog.