Not even a teenager, but let's say a pre-teen, when the statement comes in and they look at it every month, they see how much interest, what interest means and what compound interest means, that they are getting more money every month, every year on this account. It isn't just sitting there static. We have so many people in this country that are what we call ``unbanked,'' that don't even have a bank account or anything. They don't get these statements. So this is a tool, you are right, that kids learn about how to manage money. And part of that is having the opportunity that will be gained, being able to go to college because they had their parents and their family that put money aside for them. And you could put aside $2,000 a year, but you can start with $50, $100. Maybe families can't afford to put that much money in, but every dollar saved is a dollar towards education with the interest that is gained and reaped over the years in this account.
On the recordMarch 7, 2007
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govinfo.govEditor's note · Context
Discussing the importance of financial literacy and savings for children.
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