The First National Bank of Dad by David Owen
The Best Way to Teach Kids About Money

No critic rating

Waiting for minimum critic reviews

See 1 Critic Review



Most parents do more harm than good when they try to teach their children about money. They make saving seem like a punishment, and force their children to view reckless spending as their only rational choice. To most kids, a savings account is just a black hole that swallows birthday checks.
David Owen, a New Yorker staff writer and the father of two children, has devised a revolutionary new way to teach kids about money. In The First National Bank of Dad, he explains how he helped his own son and daughter become eager savers and rational spenders. He started by setting up a bank of his own at home and offering his young children an attractively high rate of return on any amount they chose to save. "If you hang on to some of your wealth instead of spending it immediately," he told them, "in a little while, you'll be able to double or even triple your allowance." A few years later, he started his own stock market and money-market fund for them.
Most children already have a pretty good idea of how money works, Owen believes; that's why they are seldom interested in punitive savings schemes mandated by their parents. The first step in making children financially responsible, he writes, is to take advantage of human nature rather than ignoring it or futilely trying to change it.
"My children are often quite irresponsible with my money, and why shouldn't they be?" he writes. "But they are extremely careful with their own." The First National Bank of Dad also explains how to give children real experience with all kinds of investments, how to foster their charitable instincts, how to make them more helpful around the house, how to set their allowances, and how to help them acquire a sense of value that goes far beyond money. He also describes at length what he feels is the best investment any parent can make for a child -- an idea that will surprise most readers.

About David Owen

See more books from this Author
Owen has enjoyed an extensive career in scientific research and journalism. Among his many accomplishments, he has written award-winning features for such prestigious papers as the Sunday Times.
Published January 1, 2003 by Simon & Schuster. 208 pages
Genres: Business & Economics, Education & Reference, Parenting & Relationships. Non-fiction

Unrated Critic Reviews for The First National Bank of Dad

Publishers Weekly

See more reviews from this publication

This is a terrific little book that could completely change the way many parents think about children and money. Owen, a staff writer for the New Yorker, entertai

Dec 16 2002 | Read Full Review of The First National Bank of Da...

Reader Rating for The First National Bank of Dad

An aggregated and normalized score based on 10 user ratings from iDreamBooks & iTunes

Rate this book!

Add Review