Gift your baby with long-term financial freedom

Your child will likely get a small mountain of presents from family and friends on their birthdays. Choose to give your child an even better gift – a map to financial freedom. Children under the age of seven are too young to understand concepts such as finance, saving, budgeting, etc, so the onus falls on the parent to act on the child’s behalf.

Start building a financial nest for your child

It’s always a good idea to build a bit of a financial nest for your child as soon as possible (we’re talking as early as baby and toddler). This could be for educational purposes or could be an account where you just start to put away savings. You can always decide to move the money to an account of your choice while you decide on the purpose of the savings.

A trend that has become more and popular with baby, toddler, and young children’s parties is to not buy a gift for the birthday girl or boy but to deposit money in a savings account for the child. For the first two or three years of a child’s life, there are only so many toys that they can accumulate and play with, so why not (if the child has a savings account) deposit some money there instead.

Suitable Products

Parents need to speak to their financial advisors or bank consultant to understand what the best product would be.

• Unit Trusts
• Educational Policies
• FNB Investment Accounts, such as  Simply Save, FNB 32 Day Interest Plus, FNB MyFirstSavings, FNB Fixed Deposit