Encourage children to save money, CDA tells banks

Banks should be doing more to encourage children to save money, by offering better rates of interest to young savers, according to CDA MP Eddy van Hijum.

While parents are the most important when it comes to raising children, society also has a role to play, Van Hijum says in a discussion document on modern family life.
Following the financial crisis, banks say they have become more aware of their role in society, he points out. ‘But it is time to put their money where their mouth is,’ the MP says.
Despite presents and give-aways, saving is not an attractive option for youngsters because their special accounts often have lower interest rates than normal accounts, Van Hijum says.
For example, ING is offering the under-12s variable rent on savings accounts, currently fixed at 2%. But parents who save up for their children’s education get 2.1% plus a bonus.

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