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In honor of Youth Month, let’s take a look at why it can be a good idea to open a savings account for your child.

Now that you’re managing your money well and you’ve even learned to share the gifts you’ve been given, it’s time to start perfecting the art of saving.

Do you find it difficult to save money for emergencies or big purchases? If so, you’re not alone. A Federal Reserve Board study found that a shocking 47% of Americans don’t have the funds to cover a $400 emergency. This means a minor financial setback, like a car repair or a new appliance purchase, could send them into debt – and an even bigger emergency can spell financial disaster.