At an early age, children don't always understand the value of money. They do understand that money is used exchange for food, or better yet toys, but they don't have a clear understanding how difficult it is to earn, manage and save money. Therefore it is important to teach children how to save and manage money in their early years so they learn to value it.
There are some major benefits to saving money while you are young. Because life is full of uncertainties and everything is going to cost more in their future, it's crucial to save money for unexpected emergencies, future loan payments or unforeseeable circumstances.
With Chore Scout, you can teach children the basics of how to budget, spend and save, helping them establish good money habits.Joanna Spencer, Reliance Bank
Head of Marketing for Reliance Bank, Joanna Spencer, said that their financial literacy app "Chore Scout" helps parents and their children to prepare for the financial challenges of adulthood by teaching them valuable financial skills from an early age.
"With Chore Scout, you can teach children the basics of how to budget, spend and save, helping them to establish good money habits, which will help prepare them for making good financial decisions in the future," she said. "The hardest thing to teaching kids about money is learning how to save and that money is not easy to come by. So we are also teaching them to value being disciplined and that it takes hard work and determination to make their dreams come true".
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Apart from banking and teaching kids about money, Reliance Bank also supports children in regional areas in a variety of other ways. They provide children access to branches and banking systems in towns that where some of the larger banks no longer offer services, including small agencies in towns like Gulargambone which combines their local rural transaction centre with banking facilities that they wouldn't otherwise have access to.