Recent data from BofA shows that only 47% of college students feel financially prepared for the “real world”. And while 90% of parents believe they bear responsibility in teaching their child financial literacy skills, finding the right tools can be challenging.
The SafeBalance Banking for Family Banking account is designed to address this, helping children practice healthy financial habits.
Parents can open an account online or via the BofA app and add a child. Kids then get access to financial literacy resources and, when the parents decides, a physical or digital debit card, with daily spending limits, card lock/unlock features and real-time alerts.
The new account is being gradually rolled out across states over the next few months.
“Designed with the whole family in mind, Family Banking offers the convenience and safety features parents seek, along with knowledge-building tools that will help set their children up for a strong financial future,” says Holly O’Neill, , president, retail banking, BofA.
