Financial education for children
The importance of financial education for children is indisputable, we all know people who have been ruined by not knowing minimally managing household finances. It is therefore normal that we have interest and want to avoid that fate for our children.
Although minors because individuals can hire any financial product (with permission from a parent or legal guardian), virtually all financial institutions in Spain offers products designed for the young.
The first thing we must bear in mind is that although youth products, these are real products that have the same implications as an adult, including tax issues. Another recommendation is that although it is not compulsory until age 14, it is recommended that you obtain a TIN (Tax Identification Number) to children before opening an account, and that this would not have to do it as fast as if to meet fourteen were needed. There are even organizations that manage this process, but can also be done by requesting the DNI.
The first product is the checking or savings accounts, the most common. These accounts whose remuneration is not very high, but children often have specific advantages associated with gifts and commission rate zero maintenance. Such accounts are usually open on special dates, such as in births (to be saving something and bring a certain amount each time) or for example in the celebration of First Communion (to more productive use of the large amount of money that some children). Also possible that before the divorce, the parents decide to put all the savings common to name children.
Although this type of product is usually very simple with no complications, we should bear in mind that the money we put legally belong to the child, and that after 18 years will have total control and choice over it. Care to put money over a brother in an account in the name of only one of them, when you turn 18 you can have this money without telling his brothers.
You can also hire debit cards on behalf of small, but it is a service that we must seriously ask yourself before what we want and what they need. Although six years is not necessary when I’m sixteen can use that card to control spending by setting limits of available daily, weekly or monthly.
There are also more complex savings products to finance expenditures that can have babies in the future. Maybe now that child is in accordance with diapers, milk and a rattle, but in the future may need a car to getting a job or your dream may be expensive training, for example to become a pilot or a master in a school prestigious business. For them there is often several types of savings plans, such as savings accounts. It may recommend that large quantities are under control (and ownership) of the parents, 18 children can give an order that parents do not approve, such as buying a car of greater capacity instead of using that money to improve their training.
Finally remember that the purpose of these financial products is more educational than anything else, with a small weekly allowance is difficult for children to be able to earn his first million before speculating on the stock exchange thirteen. Best to learn to be responsible about their personal finances.
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From the instance of the apartment building I applied to stay in, a 3rd grade knowledge was enough with the manager.