Sending your child off to college is a significant milestone, and for many parents, it’s the first time their teen will be managing money on their own. Talking about money is essential in every family, including Louann Millar’s, who is the leader of youth and student banking at Wells Fargo. Millar has two teenagers who approach money differently, showcasing the importance of discussing financial management with your children.

Encouraging Open Conversations

Millar emphasizes the need for parents to have open conversations with their kids about money, allowing them to understand how to prioritize their finances. The 2025 Wells Fargo Family Banking and Allowance Study found that 85% of parents feel they should have more conversations with their kids about money, but almost a third of parents feel uncomfortable doing so.

Managing money is no different than any other life skill. Parents can use their own financial experiences as teaching moments, sharing what they wish they had known at their child’s age and pointing out opportunities to make better decisions. Encouraging your child to ask questions, make their own decisions, and learn from both successes and setbacks can help them become money smart.

Choosing the Right Student Bank Account

When selecting a student bank account, parents should look for transparency, control, and convenience. A student account with clear terms, practical tools, and built-in safeguards can help your child manage their finances effectively. Consider the following factors when choosing a student account:

• Transparency and guardrails: Look for an account with clear terms and built-in safeguards to help your child avoid overspending.
• Access and availability: Ensure the bank has ATMs and branches near campus, allowing your child to access their money when needed.
• Savings opportunities: Consider introducing your child to savings opportunities, such as a savings account, to encourage discipline and goal-setting.
• Money transfer: Look for accounts that support payment tools like Zelle, allowing your child to send and receive money quickly and easily.

By considering these factors and having open conversations with your child, you can help them develop smart money habits and avoid common financial pitfalls.

Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.