|By Marketwired .||
|April 8, 2014 06:03 AM EDT||
LEAWOOD, KS -- (Marketwired) -- 04/08/14 --
- 74 percent of parents with young children in Kansas will open an account and 78 percent in Missouri will open one
- BMO Harris Bank also marking Money Smart Week and Teach Children To Save Day with various financial education events around the country
- New BMO Harris Bank "Your Financial Life" hub provides tips for parents on saving, smart spending and raising a financially savvy family
BMO Harris Bank is marking national Money Smart Week (April 5-12) and Teach Children to Save Day (April 11) with a new study that found three-quarters (74 percent) of Kansas parents with young children have, or are planning to open a bank account for their child, with 44 percent opening an account before their child turns five. In Missouri, slightly more parents (78 percent) have opened or plan to open an account. The survey also revealed a quarter (26 percent) of Kansas parents will not open an account, the same as the national average and above the average in Missouri (22 percent).
The survey, which polled parents with children under age ten and those who are planning to have their first child in the next five years, also found in Kansas:
- One in 10 (11 percent) of parents have opened or plan to open an account when their child is between the ages of 5 and 9, compared to 14 percent in Missouri
- One tenth have opened or plan to open an account when their child is between 10 and 12, versus 16 percent in Missouri
- Nine percent will open an account when their child is 13 and 17, slightly above the Missouri average (7 percent)
"I am impressed to see that such a high percentage of parents are thinking about opening bank accounts for their children," said Brad Smith, Regional President, BMO Harris Bank. "Children typically look to their parents as role models; setting a good financial example by spending, investing and saving wisely is one of the best lessons a parent can teach."
The study was released to coincide with two important financial literacy events, Money Smart Week and Teach Children to Save Day.
Money Smart Week, an annual event originated in 2002 by the Federal Reserve Bank of Chicago, aims to increase awareness about personal finance among consumers. Through partner organizations, the event has grown in reach and scope and is now recognized across the U.S. Teach Your Children to Save Day was established by the American Bankers Association in 1997, providing students with lessons on the importance of saving.
This year's Money Smart Week will be held April 5 to 12, and hundreds of adults and children in communities served by BMO Harris will take part in activities ranging from money management seminars to the Money Smart Kid Essay Contest. There will also be 44 mortgage events nationwide, ranging in topics from "Understanding Your Credit" to "Steps to Homeownership."
BMO Harris offers the following tips for parents and children on how to start to be a smart saver and investor from an early age through later teenage years:
The Early Years: The Value of Saving
- As soon as children start to collect a few coins and understand the value of money, open a savings account for them and explain how interest works.
- Focus on a specific goal (such as buying a video game or a bike), which can make it easier for kids to set aside the money.
- Suggest children save at least part of the cash they receive -- for birthdays, holidays or jobs -- for something they really want.
Taking Action: Learn the Marketplace
- Talk about the concept of risk and the importance of having a balanced investment portfolio. Use language they understand and keep to key, simple concepts.
- Explain that purchasing a stock means they own a small piece of a company and the value of the stock can go up or down.
- Show them how to read stock prices online. If you have an online investing account, walk them through your portfolio and explain to them the rationale for your portfolio's composition and any trades/changes you make.
Getting Real: Becoming an Investor
- Once the groundwork has been set, have kids invest a small sum of money in a few stocks they were previously tracking and perhaps offer to match any gains the child makes in their stock picks.
- Teach kids about the different savings and investing instruments available to them, such as 504 Plans and money market accounts for longer-term purchases.
For more information about planning for the next Life Stage, visit bmoharris.com/yourfinanciallife
Survey results cited in this release are from a Pollara survey commissioned by BMO Harris Bank with an online sample of 1,500 Americans (including 150 from Kansas) between November 22nd and 29th, 2013. This includes 993 interviews with parents of children under 10 and 507 interviews with Americans who expect to have their first child in the next 5 years. The margin of error for a probability sample of this size is +/- 2.5 percent, 19 times out of 20.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank or credit approval. BMO Harris Bank® is a trade name used by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and CDN $593 billion in assets (as of January 31, 2014).
Countless business models have spawned from the IaaS industry – resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his general session at 17th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, an IBM Company, broke down what we have to work with, discussed the benefits and pitfalls and how we can best use them ...
Nov. 30, 2015 11:45 AM EST
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 30, 2015 11:00 AM EST Reads: 215
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Nov. 30, 2015 10:45 AM EST Reads: 462
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Nov. 30, 2015 10:30 AM EST Reads: 353
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Nov. 30, 2015 10:00 AM EST Reads: 290
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
Nov. 30, 2015 09:00 AM EST Reads: 506
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
Nov. 30, 2015 08:00 AM EST Reads: 564
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem"...
Nov. 30, 2015 07:00 AM EST Reads: 467
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Nov. 30, 2015 07:00 AM EST Reads: 382
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application del...
Nov. 30, 2015 06:00 AM EST Reads: 388
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound...
Nov. 30, 2015 05:30 AM EST Reads: 494
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
Nov. 30, 2015 05:15 AM EST Reads: 252
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNu...
Nov. 30, 2015 04:00 AM EST Reads: 348
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, San...
Nov. 30, 2015 04:00 AM EST Reads: 608
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user e...
Nov. 30, 2015 03:45 AM EST Reads: 440