Did you know that in the past five years, words such as recession, loan default, and foreclosure have become as common as savings, assets, and bank statements. During these difficult times, financial literacy is one of the most important aspects of self-development. This makes it an important practical lesson that our children can immensely benefit from.

Teach Your Child the Importance of a Coin Bank?

The best way to go about this by being a mentor or an example. Set the example yourself, so that they can see it for themselves. It is found that a higher level of involvement of parents in the aspect of financial guidance at an early age is associated with better handling of finances once the child grows up. You can work towards your child becoming more financially literate by starting early and letting them know that there are a set of skills required along with a certain amount of knowledge.

When Can a Child Have a Coin Bank?

There is no specified age prescribed for a child to start learning the importance of saving money. All you need to do is ensure that the coins you hand them pose no choking hazards. If your child has a habit of putting things in his or her mouth, you need to supervise them. Infact, it's better if you wait till they understand that they aren’t supposed to do that.

Get Your Child into the Money-saving Habit Using a Coin Bank

Monopoly is a great board game to show them that savings can go a long way and help them be a winner in life. You can also let them come along with you for grocery shopping and hand them the coins from the loose change, if any. Once you are home ensure that they put the change in the coin bank.

Here are a few FAQs about coin bank that you may find useful before you set out to buy one:

Frequently Asked Questions (FAQs) about Coin Bank:

Q.1 What are the types of materials for Coin Bank?

Ans. Coin banks can be made of any material. Traditionally they were made of clay or porcelain and didn’t have an opening to pull out what you put inside. This meant that you had to crack it open to get to your savings. It would be viable to do this only if the coin bank was full and was of a considerably large size. These days, coin banks can be found made of plastic, stainless steel, glass, bone china, porcelain, and a variety of other materials. Most of them have a lid or a door that can be used to access its contents.

Q.2 How durable are these products?

Ans. The durability of this product depends on the material it is made of. The quality and grade of the material and the construction methods, all affect the durability of the product. For example, two coin banks made of different grades of glass can differ on the basis of durability making one more durable than the other. Their prices may not differ by much. You will have to find out more details about the product before buying it to find out how durable it is.

Q.3 What is the perfect age group for buying this product?

Ans. There is no specific age group for the use of coin banks. As mentioned earlier, please ensure that you are monitoring your child if the coin bank meant for a kid. Adults have no age limit. Here are two product, among the many, that you can find at your favourite online shopping website - WoodCart Wooden H@ndmade Square Long Butterfly inlaid 6 Inch Coin Bank (for adults) and P17 collection Battery Operated Hello Kitty ATM Coin Bank (for kids).

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