Friday 28 September 2018

Should parents hold on to a child’s savings?

I was talking to my classmate recently about saving and investing. She knew that i actually do invest a portion of my money and she was really curious on what made me started on investing.
Image result for piggybank

Read more: About me and why I started investing

After telling about it, she told me that she was pretty interested in it as well even though she has zero knowledge. I told her that she can start by reading up online first and also to find out more. She then told me that actually, she has no money on hand that she can invest in because her bank account is a joint account with her Dad.

She doesn't have access to that account as her Dad holds the ATM card. Her parents instead, gives her allowances. So I asked her what about her part-time jobs because I was aware that she works during holidays.

She told me that the part-time job pay directly to the bank account and she cannot access them. This was particularly troublesome for her because recently, she wanted to get a ticket for a concert but was short of money and when she asked her parents they told her not to waste the money on the concert.

She told me that her parents have the bank account kept from her as they want to help her save and not let her spend it all. She understood why her parents do not provide her with access to her bank account but when she wanted to get stuff, she had to always them for it and she didn't like doing that.

I think it really is a case of the parents not really trusting her to have the capabilities to control her spending. Maybe if she were to explain to her parents that she would manage her money well, they would maybe allow her some access to it.

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