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Guiding Children Along their Financial Journey

Article details provided by Theresa Elfring, VP, Senior Manager - Client Experience

Theresa Elfring_0522

Smart money habits acquired early on can help children and young adults develop lifelong financial responsibility.


Raising a child is a journey filled with countless memories and learning. Here at Croghan Colonial Bank, we believe financial literacy is an important part of all children's development. That's why we have a $uite of products to help you, help your children along their financial journey.

Our Gen$ave Account, no matter their age, offers a wealth of benefits:


  • Teaches the Value of Money: A savings account allows your child to see their money grow. Depositing birthday money or allowance will enable them to understand the concept of saving.
  • Helps with Goal Setting: Working towards a specific goal, like a new toy or a college fund, instills valuable patience and responsible decision-making skills.
  • Provides Financial Independence: As your child matures, having their own savings account gives them a sense of responsibility and control over their finances.

Once your child turns 13, the next step in their financial journey would be the concept of learning to spend responsibly.

Our Gen$pend Account, available to those 13-22, helps them to:


  • Grasp the Concept of Money: Transitioning from allowance to debit cards helps them understand limited resources and responsible spending.
  • Develop Budgeting Skills: Reviewing their accounts while managing deposits and withdrawals teaches them to stay within their means and prioritize spending.
  • Embrace Saving Habits: Link your child's Gen$ave and Gen$pend accounts to help encourage them to set aside a portion of their income for future goals.
  • Learn from Mistakes: A controlled environment with parental oversight allows children to experience the consequences of overspending without facing severe financial repercussions.


"It used to be you'd open your first checking account when you graduated high school and received a box of checks," said VP, Senior Manager - Client Experience Theresa Elfring. "Our $uite of Gen$ave and Gen$pend allows you to monitor and teach your children how to save and spend wisely before they move out. Helping to set them on the path towards a bright financial future."

Newsletter_Financial Journey

Both accounts allow for:


  • Financial Education through the use of articles, coaches, and calculators
  • Online Banking
  • Mobile banking
  • Croghan Account Alerts
  • And more


"Once our Gen$uite account holders transition to “adult banking,” they can remove their parents' oversight of the account," Theresa said. "Though they may still want those transfers that Mom and Dad have sent over the years to continue!"

Contact us to discuss your child's Gen$ave and Gen$pend accounts


*Accounts subject to deposit account approval.
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