As the average U.S. household debt continues to rise, Greenlight families are seeing a different trend. We’re thrilled to announce today that Greenlight kids have saved more than $1 million dollars using Greenlight Savings, The Educational Savings Account for Kids. Official story here. With the average U.S. household savings rate at 2.8%, Greenlight kids are saving a whopping 8.4% of their money on average. That’s triple the national average!
The Educational Savings Account for Kids allows kids to see real growth in their savings account, how interest works over time, and the impact of spending versus saving, which helps them understand the importance of saving for the future. Not only that, but parents can set their own interest rate and pay the interest automatically within the child’s Greenlight Savings. The national average interest rate for bank savings accounts is 0.08%, making it difficult to educate kids on the value of savings. The average interest rate set by Greenlight parents is 19.84% enabling kids to see the benefits and importance of savings almost immediately.
Since April, Greenlight kids have more than quadrupled the amount of money in their savings accounts. We are proud to continue offering new features like the Educational Savings Account for Kids as an option that is convenient for families and offers flexibility for each family and each child’s unique needs. We are helping parents teach their kids to be smart about money and set them up for success financially, and are hopeful that impact can change the financial course for a new generation.
We’re on a mission to help parents raise financially-smart kids and are thrilled to see so many families using Greenlight Savings to teach their kids the importance of saving. But, we’re not done just yet. We have several new features that we’re excited to release in the near future. Stay tuned!
Kids are tough. Shopping for foods they’ll eat, making lunches, getting them to do their homework, getting them up and out the door on time, and getting them to put down their tech and go outside can be challenging. One of the biggest challenges we as parents face when it comes to kids is getting them to eat healthily.
The money conversation. It can be one of the hardest conversations we have with our kids (let’s be real: it can be one of the hardest conversations we have with anyone). But it’s also one of the most important conversations we have to have as parents.
This is a guest post by DiAna Kelley, founder of the Giving Me Life Foundation, a nonprofit organization that teaches strategies about monthly budgeting, credit, and financial retirement to teenagers and young adults in order to create healthy financial lifestyles.
This is a guest post written by Catherine Alford, founder of the award-winning personal finance blog, www.CatherineAlford.com.
I grew up in a family where we didn’t talk about money. Once, I asked my mom how much money she made, and she whipped around in the car and scolded me saying, “That’s a really personal question. Don’t ever ask anyone that.”
Greenlight isn’t the only child’s debit card around, but we think it’s the best. That’s not just because it’s secure and easy to use, it’s because we have one feature that sets us apart: store-level controls.
You care about your financial security, and so do we. It’s even more important to make sure your private data is protected when you’re handing control over to your child. That’s why Greenlight goes above and beyond to offer the best possible security, starting with encryption.
Earlier today, Amazon announced a new feature that will allow teens to shop online within their own accounts, while letting parents either approve every order or set pre-approved spending limits – all under one Prime account.
Many self-employed parents have no idea that it’s absolutely legal—and a great tax move—to hire their own kids to work in their companies. Better yet, it’s a great way to help your kids develop a work ethic, teach them some basic work skills and encourage them to work for their spending money.
As kids’ year-end report cards start coming home, many parents are considering this question: “Is it a good idea to pay our kids for doing well at school?”