Why bank account is a must?

During our school days going to a bank branch was a big deal. We as school going kids had no idea about a bank account. Basically our elders were very conservative when discussing money matters in our presence. It was a sort of a blasphemous act to let children know about financial matters.

Now times have changed. The scenario is opposite to what we have experienced in our childhood. Today, we cannot let our children be ignorant about money matters.

In other words, teaching our young ones the importance of managing money is inevitable. However, among other things, it is increasingly significant for us to talk about saving habits with them at an early age.

Since it’s an era of credit driven society, it becomes equally important for the elders today to give them a fair understanding of how to use and when to use a bank’s money.

During all these years while writing this column on financial matters, I have observed a unique trend among our young ones. The kind of mails that frequently hit my mailbox from these youngsters always looked for guidance to have access to bank finance.

Not a single email as I remember was about a bank deposit scheme, though sometimes they sought information about stock market scenarios.

It’s interesting that youngsters who have either completed their studies and stand unemployed or are still pursuing education have been frequently asking for ways and means to access bank finance.