|By Marketwired .||
|April 8, 2014 06:03 AM EDT||
SARASOTA, FL -- (Marketwired) -- 04/08/14 --
- 80 percent of parents with young children in Florida have or plan to open a bank account for their child, compared to 74 percent nationally
- 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 report that found four in five (80 percent) of Sunshine State parents with young children have, or are planning to open a bank account for their child. A third (35 percent) will do so before their child turns five. At the national level, 74 percent of parents have opened or plan to open a bank account for their child. The survey also found one fifth will not open an account, compared to the national average of 26 percent.
The survey, which polled parents with children under age ten and adults who are planning to have their first child in the next five years, also found in Florida:
- More than a fifth (22 percent) of parents have opened or plan to open an account when their child is between the ages of 5 and 9
- Seventeen percent have opened or plan to open an account when their child is between 10 and 12
- Six percent will open an account when their child is 13 - 17
"It is important to start teaching financial lessons to your children at a young age, and opening a savings account for them is a good first step," said Dave Maraman, Regional President, BMO Harris Bank. "It is very encouraging to see the high percentage of Florida parents who have already opened or plan to open a bank account for their kids."
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 Florida) 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).
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Oct. 22, 2016 09:30 AM EDT Reads: 1,243
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
Oct. 22, 2016 09:15 AM EDT Reads: 687
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
Oct. 22, 2016 09:15 AM EDT Reads: 1,408
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Oct. 22, 2016 08:45 AM EDT Reads: 2,038
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service.
Oct. 22, 2016 08:30 AM EDT Reads: 925
SYS-CON Events announced today that Cemware will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
Oct. 22, 2016 08:30 AM EDT Reads: 713
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Oct. 22, 2016 08:15 AM EDT Reads: 3,750
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
Oct. 22, 2016 08:15 AM EDT Reads: 2,090
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Oct. 22, 2016 08:15 AM EDT Reads: 422
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Oct. 22, 2016 08:00 AM EDT Reads: 4,429
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Oct. 22, 2016 07:45 AM EDT Reads: 3,094
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Oct. 22, 2016 07:00 AM EDT Reads: 3,556
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Oct. 22, 2016 07:00 AM EDT Reads: 2,253
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 22, 2016 06:45 AM EDT Reads: 381
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Oct. 22, 2016 06:30 AM EDT Reads: 2,229