standard bank raising money savvy kids: mom and her two kids

South Africa has often been criticised for having a poor savings culture, with as many as 60% of South Africans having to dip into their savings to make ends meet. In 2019, the National Treasury released an alarming report stating that only 6% of south Africans will be able to maintain their current standard of living after retirement. With that said, it comes as no surprise that the savings levels are now at an all-time low due to the Covid-19 pandemic which took its toll on people’s livelihoods and financial security. 

With these scary numbers and high uncertainty of the future, it has become extremely important for parents to help their children develop a good savings culture and to teach them about the various savings options available to them, to help them cultivate a healthy relationship with money. 

smiling mom and daughter hugging: standard bank raising money savvy children

Standard Bank’s PureSave account is designed to teach children the importance of delayed gratification by setting financial goals for themselves – such as saving for a new bicycle or an outing with friends. this will help them appreciate the value of financial independence. The PureSave account doesn’t require an opening balance and holds no monthly admin fees, thus, making it the perfect account for kids to make the most of the money they save.

A young generation with financial discipline will grow to become responsible consumers of the future. Have the world of banking at your fingertips when you sign up to the PureSave account.

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