Empowering Kenyan children through financial literacy and savings. Research shows that individuals who receive financial education early in life are more likely to make informed financial choices in adulthood. In fact, financial literacy from a young age has been linked to increased savings rates, stronger credit scores, and better preparation for emergencies and retirement later in life.
In Kenya, forward-thinking parents and educators are recognising the need to equip children with real-life financial skills from the earliest age possible. One of the most practical and impactful ways to begin this journey is by opening a Gem Minor Account, a purpose-built minor savings account offered by Habib Bank AG Zurich (HBZ Kenya). Whether you are a parent preparing for your child’s future or a school leader aiming to incorporate financial literacy into your institution, this account provides long-term value that goes well beyond traditional banking.
With little or no guidance, access to a bank account for minors can have a lasting impact on how children view and manage money. Their spending habits can transform into meaningful interactions in their daily lives. Here’s what children learn when they have a kids savings account in their name:
1. The value of saving
Children begin to appreciate the importance of setting goals when they regularly save part of their pocket money for birthday gifts, or as savings set aside into their own accounts.
2. Responsibility and independence
Having their own minor account helps children feel a sense of ownership and responsibility. They learn that every deposit or withdrawal has a consequence, which is a crucial life skill.
3. Financial awareness
Over time, children become curious about how banking works. They may begin asking questions about interest, balances, and statements. A bank account for minors opens a whole new world of meaningful conversations about money at home or in school.
4. Confidence with money
Even with supervision, allowing children to make small decisions about saving or spending builds their confidence. This helps reduce money-related anxiety as they grow older.
How Families in Kenya Can Use the Gem Minor Account
The Gem Minor Account is much more than just a savings tool; it is a valuable resource that helps families in Kenya plan for both short- and long-term financial needs in a structured, secure, and reliable way. Education costs, especially school fees due at once, can be a heavy burden, but by regularly saving with the Gem Minor Account, parents and guardians can spread out these expenses over time, easing the pressure and avoiding last-minute borrowing.
Children often come with unexpected expenses like school trips and/or medical bills and having a dedicated minor savings account allows families to build an emergency fund that brings peace of mind and financial stability. It is also a fact that involving children in setting small savings goals, whether it is for a bicycle, a school bag, or a special trip, encourages them to track their progress and develop budgeting skills early on.
The Gem Minor Account in Schools
As part of Kenya’s Competency-Based Curriculum (CBC) and increasing interest in life skills education, many schools are looking for practical ways to introduce financial literacy. Schools can partner with Habib Bank AG Zurich to introduce the Gem Account to pupils and parents through information sessions, account-opening drives, or educational events. Introduce age-appropriate savings clubs or weekly deposit schemes where learners can save small amounts. The Gem Minor Account becomes the official savings vehicle to support this initiative.
Teachers can tie lessons in math, business, or social studies to real-life applications by using the minor savings account. Students can track savings, set targets, and learn interest calculations in a practical, engaging way. A kids savings account can be a part of overall financial wellness initiative. The bank can offer workshops for parents on planning school expenses, budgeting, and the power of starting early.
Benefits of the Gem Minor Account
Whether you are saving a little every week or making large termly contributions, Gem is the best savings account for kids. It helps create the right habits and prepares children for the future.
- Available for children under 18 years old
- Joint operation with a parent or guardian
- No monthly maintenance fees
- Minimum opening balance: KSh 1,000
- Ideal for school fees, emergencies, and long-term savings goals
- Supports structured financial education
In the Kenyan context, many families face sudden education or healthcare costs, and often rely on mobile loans or informal savings. Having a structured minor account helps avoid unnecessary debt and creates a predictable savings path for the child’s key needs. By opening a Gem Account when the child is still in primary or lower secondary school, we allow more time for the savings to grow, especially when deposits are made consistently over time.
A Gem Minor Account is about changing mindsets, building confidence, and breaking financial dependency. Starting early is strategic! Let us raise a generation that does not just spend but also knows how to save, plan, and thrive.
