As you get ready to move your oldest daughter to college and into her dorm room, you realize that there are plenty of tasks that you need to complete help her succeed. You want to help her find a bank so that she can have a local account. You also want to make sure that you help her find a local doctor and a local grocery store. Finding a great mobile banking account will help you find a way to help your daughter get started on the right foot.
College students today can have a much easier way to make sure that they are able to handle their finances. Even if you cannot find a bank that offers a mobile account that interests you, you can always rely on your accounts back home, but it is often nice to have a local bank if you think that you might need to write some checks. The decision to apply for checking account from a local bank is often the best option.
Teaching your high school and college age students how to responsibly handle their finances can help prepare them for the best kind of future. And while mobile banking services are easy to access, it is important to make sure that your students understand the importance of establishing a great credit record as soon as possible. Strong credit scores will help your children get better auto and home loans in the future and will help them have a great record when they are applying for a job.
Teaching your teenagers the importance of finances can help them avoid some of the FINANCIAL PROBLEMS TODAY’S CONSUMERS FACE:
- Millennials are deeper in debt than previous generations.
- The average salary of a Millennial today is 20% lower than the average salary Baby Boomers had at the same age when they were starting their careers.
- For the first time in U.S. history, the total amount of outstanding student loan debt passed the $1 trillion mark in 2012, according to the Consumer Financial Protection Bureau.
- Today’s average student now amasses more than $20,000 debt in in student loans.
- 70% of consumers have at least one credit card, based on the most recent data from the Federal Reserve. This means about 174 million Americans have at least one credit card. This also represents a lot of potential debt that needs to be carefully handled.