It is a costly world to live in these days. Many parents scrape hard to provide mere basics to their children. It is, undoubtedly, survival of the fittest. But what we miss out as parents is instilling the value of money in our children early on in their lives…

Understanding the significance of a penny (or a dirham, in our case) is important not just for living a sustainable life; it is far deeper than that. It teaches a child how society functions; the elements associated with expenses such as clothes, books, food, schooling, extra-curricular activities, gadgets and vacations. Many children take for granted offerings that come as a luxury to others.

As parents, as important as it is to give your child the best of life, it is equally significant to teach your child the value of life itself. A money box option or a juvenile account is a good way of educating a child how savings are gradually built over the years.

This exercise will not only aid parents in securing their children’s futures, it will also foster their development as responsible, sensible adults.  These values will come handy when your children enter their practical lives and will help them become better parents too.

Children’s saving or juvenile accounts are – or, ideally, should be – a valuable facet of any country’s banking landscape. Every commercial institution should offer attractive, eye-catching packages to entice and encourage parents to start saving for their children from their wee years. It is a learning process for a parent too.

[Compare children’s saving accounts in the UAE.]