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Category: Checking Account

Posted on January 12, 2021

How to Help Your Teenagers Open Their First Checking Account

How to Help Your Teenagers Open Their First Checking Account is a post originally published on: Everything Finance – Everything Finance – Its all about Money!

Teaching teenagers about finances now is extremely important. So here's how to help your teenagers open their first checking account.When it comes to teaching our kids, finances are a big part of the life lessons we should be imparting. However, this topic can be vast and wide. Therefore, it can be difficult to figure out where to begin. One of the best places I suggest beginning is with a basic checking account. This is something we all end up needing as adults. So it makes sense to teach your teenagers about checking accounts while they are still under your roof seeking your guidance. Therefore, here are some of the best ways to help your teenagers open their first checking account

Bank Account Features

First off, since your teenager is still technically a minor, you will need to look for checking accounts that can be set up as joint accounts. Usually, these accounts will only allow one parent and one child to be named on the account. And for most banks, once your child turns 18, they can fully take over the account and your name can be removed. This is the type of account you want to look for.

Depending upon your teenager’s preferences will help determine whether they want a fully online bank or a brick and mortar option. Most brick and mortar banks also have an app and online features. But not all of them are completely caught up to the digital times, so this is something you will want to keep an eye out for.

It is usually preferable to find a bank that will also let you set up a savings account for your teen at the same time. In most cases, you will have the capability to set up the savings account as a backup for overdraft so your teen doesn’t end up accruing overdraft fees. But, in order for this to work, they will have to have some money to put into the savings account as a buffer.

If your teenager has taken on side hustles or gotten their first job, then some of that money could fund their savings account cushion. You could also help by depositing some funds of your own as their buffer. Each situation will be different though, so choose the path that works best for you both.

No matter what, some of the features that most teenagers should look for in a checking account are:

  • No monthly fee
  • Electronic deposits
  • No monthly minimum balance requirement
  • Online transferring
  • No ATM fees
  • Online bill pay
  • Automatic account conversion to adult account
  • Interest accruing account (if you can find one)

Great Bank Options for Teenagers to Open Their First Checking Account

Once you and your teenager have narrowed down their banking style and preferences, then comes the time to start the search. Finding the right bank for both of you could potentially take some time. If you already have a great bank that offers joint checking options for teenagers, then I would suggest starting there. But not all banks will offer this sort of account. And some of them that do don’t really have great options and may have too many fees. So, check with your own bank first and then move on if they aren’t a good fit.

I am, personally, a huge fan of credit unions for checking and savings accounts. They typically have a lot of no fee accounts and higher interest rates than the traditional big banks do. But, not all of them are caught up on the times with regard to highly intuitive apps. Since we were already members of a credit union, and they offered joint teenager accounts, that is the path we chose to pursue.

Our teenager’s checking accounts do accrue interest on their monthly balance at 0.10%. I realize this does not sound that high, but before COVID-19 hit, the rates were much better. Heck, even our high yield savings account, which is completely online, has gone from an interest rate of 2.65% down to 0.50% because of COVID-19!

While this is a great option to help teenagers open their first checking account, it doesn’t mean that it will be who they choose to stick with as adults. A big reason is because of how archaic our credit union still is with their app functionality and lack of a lot of online options.

Other Awesome Teenager Checking Account Options

However, if you aren’t a member at a credit union, there are still a ton of other great options for you to consider for your teen.

Some of the best checking accounts for teenagers on the market right now are:

  • Alliant – This is another completely online option, but it will give your teenagers a 0.25% APR. They also have no fees, no minimum balance requirements and over 80,000 free ATM’s to withdraw money from.
  • Capital One – This account is completely online, no-fee, no minimum balance requirements and has an APR of 0.10%. Also sends parents text notifications of every transaction so you can track what they are doing.
  • Chase Bank – No monthly service fee if their is at least one direct deposit per month. A lot of online options and parental controls available, but also have brick and mortar branches.
  • USAA – This is for families in the military and the account has no fees or minimum balance requirements. It also automatically converts at age 18 to an adult account. They also have a combination of great online options via their app and brick and mortar branches.

These are some great tips to help your teenagers open their first checking account!
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First Checking Account for Teenagers Summary

No matter what, it is our job, as parents to teach our teenagers how to make it in the world. And by helping them understand how a checking account works now, we are only helping to set them up for potential financial success.

Just remember to talk to your teenager about their preferred banking style first. Then begin to look through all of the features your current bank may offer. If the bank you are with doesn’t end up being the best fit for your teenager, then it’s time to look elsewhere. And there are plenty of awesome options out there for your teenager’s first checking account.

Be clear in your communication and the bank account chosen can help propel them further in their financial education. Now that is what I call a parenting win!

How did you help your teenagers open their first checking account and what were the determining factors with your choice?

How to Help Your Teenagers Open Their First Checking Account is a post originally published on: Everything Finance – Everything Finance – Its all about Money!

Source: everythingfinanceblog.com

Posted on January 12, 2021

Employment Trends Among Seniors – 2020 Study

Image shows a senior employee standing in the doorway of his workplace. SmartAsset analyzed BLS data to find recent employment trends among seniors.

Older American workers have been disproportionately impacted by not only the health impacts of COVID-19, but also its corresponding economic shock, which has deeply affected their ability to budget and save for their retirement. In fact, workers 65 and older have seen some of the highest recent unemployment rates. A Kaiser Family Foundation analysis of April 2020 data from the Bureau of Labor Statistics (BLS) shows that the unemployment rate was highest among workers in the youngest age cohort (ages 16 to 24) – at 27.4% – and next highest among workers in the oldest age cohort (ages 65 and older) – at 15.6%.

The BLS has not yet published data on how senior employment within specific occupations has changed during COVID-19, so this study investigated the employment trends among seniors leading up to 2020. Specifically, we looked at the most popular jobs as well as fastest-growing jobs for seniors. For details on our data sources and how we put all the information together to establish our findings, check out the Data and Methodology section below.

Key Findings

  • Lawyers, chief executives and real estate brokers & sales agents stand out as popular jobs. In all three occupations, there is a high gross number of senior employees. BLS data from 2019 shows that more than 160,000 seniors are employed in each of them. Furthermore, seniors make up a large percentage of the workforce in these occupations. Individuals who are 65 years and older make up more than 15% of lawyers, more than 13% of chief executives and almost 15% of real estate brokers and sales agents.
  • Between 2015 and 2019, senior employment doubled in two occupations. In 2015, about 34,000 and 25,000 seniors were employed as construction managers and applications and system software developers, respectively. Those figures doubled over the following four-year period. BLS figures from 2019 show that there are roughly 77,000 construction managers and 56,000 applications and system software developers who are 65 and older.

Most Popular Jobs for Seniors

More than one in 10 of all employed seniors work in five occupations: retail salespersons (281,000 senior workers), sales and truck drivers (279,000 senior workers), secretaries and administrative assistants (249,000 senior workers), first-line supervisors of retail sales workers (232,000 senior workers) and chief executives (219,000 senior workers).

Though those occupations employ the highest gross number of seniors, seniors make up larger percentage of the workforce in a different set of jobs. BLS data shows that more than a third of models, demonstrators and product promoters are 65 or older. Specifically, of the total roughly 62,000 people employed in this occupation in 2019, about 21,000 were seniors. Average earnings for those working in this field are modest. Nationally, the average annual wage for demonstrators and product promoters in 2019 was about $35,300.

Seniors make up more than 20% of employed workers in five other jobs:

  • Crossing guards
  • Tailors, dressmakers and sewers
  • Tax preparers
  • Clergy
  • Musicians, singers and related workers

Across those five occupations, the highest gross number of employed seniors work in the clergy. In 2019, there was a total of roughly 86,000 workers in the clergy who were 65 and older. The table below ranks occupations according to the percentage of seniors employed in 2019.

Fastest-Growing Jobs for Seniors

Between 2015 and 2019, construction managers and applications and systems software developers were the fastest-growing jobs for seniors. Similar occupations also rank high on our list. Specifically, a growing number of seniors have become employed as construction laborers and computer programmers in recent years. In 2015, about 41,000 construction laborers were 65 and older while in 2019, there were about 65,000 in this age group. Similarly, senior employment of computer programmers grew by about 60% over this time. In 2015, about 15,000 computer programmers were 65 and older while the BLS estimates more recently estimates that 24,000 computer programmers are seniors.

Beyond construction and computer occupations, the number of workers 65 and older grew by more than 50% in six additional occupations:

  • Hand packers and packagers
  • Psychologists
  • Taxi drivers and chauffeurs
  • Counselors
  • General and operations managers
  • Human resource workers

Of those occupations, taxi drivers and chauffeurs saw the largest gross increase in employed seniors. Roughly 57,000 taxi drivers were 65 and older in 2015 relative to about 102,000 in 2019. The table below shows the 20 fastest-growing jobs for seniors between 2015 and 2019.

Data and Methodology

Data for this report comes from the Bureau of Labor Statistics’ Current Population Survey. In both sections, we filtered out any occupation that employed fewer than 15,000 seniors in 2015. We also filtered out any occupation with “other” or “miscellaneous” in the title due to lack of occupational specificity. In the first section, we ranked occupations based on the percentage of workers who were 65 and older in 2019. In the second section, we looked at the four-year percentage change in seniors employed in each occupation from 2015 to 2019, ranking the occupations from highest to lowest change.

Tips for Ensuring a Comfortable Retirement

  • Know how much you will need. Perhaps the most important data point when planning for your retirement is to know how much money in total you must have saved up to sustain yourself in your post-work life. From there, you can figure out how long you should stay in the workforce based on your savings rate. Our retirement calculator can help with this.
  • Catch-up contributions. If you did not save enough for retirement as a young adult, catch-up contributions may help. Catch-up contributions allow people ages 50 and older to make additional deferrals to their 401(k) or IRAs after they reach the annual contribution limits set by the IRS. For more information, take a look at our guide here.
  • Consider a financial advisor. Another great way to plan for retirement is through a financial advisor. A financial advisor can help you make smarter financial decisions to be in better control of your money and keep you on track in terms of your saving. Finding the right financial advisor doesn’t have to be hard though. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors who will help you achieve your financial goals, get started now.

Questions about our study? Contact us at press@smartasset.com.

Photo credit: Â©iStock.com/

The post Employment Trends Among Seniors – 2020 Study appeared first on SmartAsset Blog.

Source: smartasset.com

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