Kids, teens ready to spend this summer
During the summer months, kids and teens are out of the classroom and spending more time with friends outdoors. However, many aren't just sleeping in and having fun all day - they're also getting to work. Whether they're young kids helping their parents weed the garden for a few dollars, older kids mowing neighborhood lawns for a small paycheck or teens working their first jobs at restaurants and retail stores, the youth in America are saving up this summer. Whether they're getting paid in cash or just saving the change from their purchases, young people will have access to plenty of funds in the coming months, meaning businesses - and financial institutions - will need to address the needs of young people and make it simple for them to complete transactions.
Getting more kids to save
Parents think it's important to teach their kids how to handle money responsibly at a young age. In fact, some may start instructing their children on how to save up from the time they're toddlers or in elementary school. By asking their young ones for help with simple chores - such as watering plants, gardening, washing dishes and walking the dog - and paying them a small amount, parents can show their kids exactly how to save most of their money and spend just a little on special treats over the summer. By having their children set aside their hard-earned money in a coin jar or bank, young ones learn how to set aside funds for a specific item or a rainy day fund.
For many kids, watching a coin jar fill up can be fun, but figuring out how much they've saved at a self-service coin counter is even more exciting. Parents can take their children to the local bank at the end of the summer have the saved change counted and deposited into a savings account.
Potential for more cash purchases
Both younger kids slowly saving up change and older teens working part-time jobs will likely be paying with cash more often than not this summer. Teens just starting to work may not have a debit card and might lack the credit history required to receive a credit card. This makes it essential for business owners, especially those that may cater to younger people, to improve their transaction management practices. By obtaining the latest cash counter and coin sorter, merchants will be better prepared to handle an influx of cash transactions.
July 16, 2013