#parent | #kids | 5 Banking Facts to Fortify Your Finances in 2022 | Personal-finance


Since the start of the pandemic, many people have been assessing what’s important to them, Wetzel says. For some, that could include deciding if the banks they do business with match their values.

According to a recent NerdWallet survey, 78% of banking customers say having a primary bank that is ethical or socially responsible is very or somewhat important. The survey of more than 2,000 U.S. adults was commissioned by NerdWallet and conducted online by The Harris Poll.

This finding suggests that ethical or social issues such as racial equity, environmental impact and community impact are important to consumers when choosing whom to do business with.

Take action: If your current bank doesn’t reflect your values, consider choosing a new institution that does.

5. Your child might use a new banking app

Banks and financial institutions have rolled out banking apps specifically for kids and teens, and if your child hasn’t signed up already, these apps are worth a look in 2022. Banking apps can help kids build financial literacy, says Clark Kendall, president and CEO of Kendall Capital, a wealth management firm in Rockville, Maryland. “Giving kids a budget and the responsibility to make certain purchases — such as their own clothes or shoes — helps better prepare them for managing their own money in the future,” he says.



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