Welcome!

News Feed Item

Seven in 10 Arizona Parents Plan to Open a Bank Account for Their Child -- BMO Harris Bank Study Shows

PHOENIX, AZ -- (Marketwired) -- 04/08/14 --


  • 71 percent of parents with young children in Arizona have or plan to open a bank account for their child
  • 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 71 percent of Arizona parents with young children have or are planning to open a bank account for their child. Thirty-nine percent of respondents opening an account before their child turns five. At the national level, 74 percent of parents have opened or will open a bank account for their child. The survey also found three in 10 (29 percent) will not open an account, compared to the national average of 26 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 Arizona:

  • One in 10 (12 percent) of parents have opened or plan to open an account when their child is between the ages of 5 and 9
  • Twelve percent have opened or will open an account when their child is between 10 and 12
  • Seven percent will open an account when their child is 13 and 17

"I am encouraged that so many parents plan to open a savings account for their children, especially starting it when their kids are very young," said Steve Johnson, Regional President, Arizona, BMO Harris Bank. "Helping your children understand the importance of saving is one of the best ways to begin the financial education process."

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 Bank 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.
  • This stage is also an opportunity to teach them about the importance of giving back. Explain to them how donations work, and find one or two organizations that tie into their specific interests. Instilling a sense of charity early on will help broaden their sense of the value of money

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 Arizona) 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).

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Judith Hurwitz is president and CEO of Hurwitz & Associates, a Needham, Mass., research and consulting firm focused on emerging technology, including big data, cognitive computing and governance. She is co-author of the book Cognitive Computing and Big Data Analytics, published in 2015. Her Cloud Expo session, "What Is the Business Imperative for Cognitive Computing?" is scheduled for Wednesday, June 8, at 8:40 a.m. In it, she puts cognitive computing into perspective with its value to the busin...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...