Unfortunately, a lot of people lack basic financial knowledge. This possibly explains why some spend more time planning a vacation than knowing what they’ll invest in their 401(k). Folks 65 and older have a median retirement savings balance of $87.7k.
These statistics might seem daunting, but there is a way to help your teenager become financially savvy and build a strong foundation. This is simply to teach them about these concepts earlier.
Teaching them these concepts and investing early, even small monthly amounts can make a huge difference long term. This is especially important since investing early makes it easier to grow accounts due to compound interest.
Raise Financially Savvy Teenagers With a Fidelity Youth Account!
With a Fidelity Youth Account, teens as young as 13 can start investing with as little as $1. Some standard investments include stocks, bonds, and mixed low-cost ETFs.
They can keep their hard-earned dollars since there are no account fees, minimum balances, or domestic ATM fees. Aside from investing, a Fidelity Youth Account comes with free education like blogs, podcasts, and an app that covers top financial concepts.
For a limited time, open a Fidelity youth account today to receive $100 for you and $50 for your teen.
The Fidelity Youth Account can only be opened by a parent/guardian. Account eligibility limited to teens aged 13-17.
¹Limited Time Offer. Terms Apply. Before opening a Fidelity Youth Account, you should carefully read the account agreement and ensure that you fully understand your responsibilities to monitor and supervise your teen’s activity in the account.
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