‘The platform has to be as malleable as the families that use it’: How Till banks families of all kinds
- Till is stepping into the booming field of family banking with plans to become financial training wheels for kids.
- But defining what a family actually is is no easy feat.
In April, Till launched its new challenger bank for families with kids ages 8 to 18. The company wants to become the financial training wheels for kids.
Till offers an FDIC insured bank account through its partnership with Coastal Community Bank. Parents sign up, link their account, and fund it. After that, agency is handed over to the kid.
“We truly believe that to create a successfully financially literate young person, you need to give them more opportunities to spend,” said Taylor Burton, co-founder of Till Financial.
More parents are putting emphasis on teaching their kids how to better manage their finances. 83% of parents today say they have open discussions with their children about their finances, according to research by Bank of America into affluent parents and future parents as part of its Hindsight is 20/20 Personal Finance Report. Conversely, only 51% said they had conversations like these with their own parents.
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