How to Invest Children's Savings as a Millennial Parent - Our Guide

Feb 25, 2021

One of the biggest challenges that most millennials face is finances. This is due to the generational inequities and inflation rate of basic commodities. Fortunately, there are ways to save money and make sure that your child doesn't have to endure the same financial hurdles you are going through. But what exactly should you do as a millennial parent to have your child invest their savings in their future? 

This article will provide you with three easy tips designed for millennial parents like you to raise financially literate children who invest their savings. The main goal is to prepare your child for the socio-economic reality they are currently in and instill the best values to be advocates of change in their community. 

1. Build up a "What would I want to be when I grow up?" fund

You were raised to believe that you can be whatever you want when you grow up, but we know that these have changed due to the financial realities of education and economic inequality. 

For example, let's say you wanted to become a doctor when you were younger, but you didn't have money for medical school. As such, you were forced to take an entry-level job in the fast-food industry and gave up your dreams to be a medical student because you could barely save a cent. This reality can stop with your child if you get them to save now. 

You can start very simple by talking to your child about what they want to be when they grow up, and say that you can build a fund together to make that happen. You can have a dedicated piggy bank or money jar, and transfer the money later on to a savings account when they are older. 

Grounding your child's dreams and expectations on finances will enable them to consider their future. It also allows you to contribute by adding pocket change and the occasional dollar bill. Remember—every penny counts.

2. Talk to your child about how you are saving

One of the most frustrating things about growing up as a millennial is the vague conversations you had with your parents about their savings. You could never get an accurate grasp of your family's financial reality. You were only told that you didn't have enough money, but you weren't sure what savings your family had. You can start changing this unhelpful practice by being open about your savings with your child. 

Talking about savings with your child doesn't mean you need to speak to them about numbers and your credit card information. The point is to help them realize your financial situation as a family and what you expect your child to do about their savings. 

Giving your child a decent picture of your savings will enable them to be more financially responsible. They can start with their allowance and work their way until they are gainfully employed and have a family of their own. That way, you can inspire generations of financially responsible individuals. 

3. Engage your child in healthy discussions about economics and its future implications

A huge part of getting your child to invest their savings in the future is to engage them in healthy conversations about economics and political policies that impact their future. However, since you are talking to your child, be sure to find ways to bring the information down to their level.

For example, specific policies may restrict black female financial advisors from gainful employment due to the industry's social inequalities. Tell your child the facts and ask them how they may want to change these unjust realities. These kinds of healthy discussions about economics will empower them to save money and find small but powerful ways to change. 


Investing in your child's future by providing them with the best financial opportunities is one of your prerogatives as a parent. It is also an opportunity for model millennial citizens like you to fight against stereotypes that other generations have towards us. Fortunately, you are not on this journey alone. Find the best allies to become a successful millennial parent today! 

urbanwallet can provide you with the best online content about how to invest your children's savings and other financial concerns. Our goal is to provide you with the best millennial-focused financial literacy options and information. Browse through our website and become a financially responsible millennial parent!

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