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Trump Accounts Prompt Parents to Start Saving Early for Their Kids
The New York Times • • business
Key Points:
- Young children like Savannah McConneaughey and Naima McElroy are actively learning about saving and investing, discussing their financial goals and challenges with peers.
- Many children struggle with saving money due to online spending on virtual currencies and popular toys, highlighting the influence of the internet on their financial habits.
- Acorns Early, a child-friendly spinoff of the Acorns investment app, is targeting young investors by making saving and investing accessible and engaging for children.
- The rise of retail investing platforms has democratized investment opportunities, allowing children from various backgrounds to open investment accounts, a practice once limited to wealthy families.
- Acorns has created a “kid advisory board” including young users like Savannah and Naima to help shape the app’s features, reflecting a trend of involving children in financial education and product development.
