Financial Well-being at Each Stage of Life
Explore tools and resources to help you achieve your financial goals
It’s no secret that money is deeply personal. But, studies show that stress dominates the financial mindspace of Americans, making them feel anxious about money and their financial futures.
At Capital One, we don’t want stress to stand in the way of your financial goals. We believe financial well-being is fundamental to helping people and communities thrive, which is core to our mission to change banking for good. We define financial well-being as the ability to spend wisely, build savings for the short- and long-term, manage credit and debt, and handle unexpected expenses life may throw your way while planning for the future. And, we’re observing Financial Literacy Month by diving deep into what financial well-being means to us.
Recognizing that your financial goals may look different during various stages of life, we’ve outlined a few resources, tools and products to set you up for success.
Younger Years: Learning the Basics of Money
While teenagers may not have the most important decisions to make in life, they do have some of the most important things to learn, especially in regards to money.
From birthday gifts and allowance to having a part-time job, money helps teens develop a sense of responsibility, learn the differences between “wants” and “needs” and save for bigger purchases, like buying a car.
Teens, just like adults, are more likely to enjoy money management if the process is fun—and there are tangible payoffs (like wings at the bowling alley with friends). At the same time, learning to save and watch your balance grow can feel pretty good, too. Putting goals in order of importance, and even scratching others off the list, can build confidence around managing money wisely. To help teens dive deeper on the principles of financial well-being, Capital One helped create virtual financial well-being workshops alongside the Virginia Council for Economic Education.
If you are the parent of a teenager, now is the perfect time to instill in them the importance of opening and managing a checking and/or savings account, how to create a budget and how to stay on track with their savings goals. Capital One’s MONEY teen checking account is a fee-free bank account that gives teens the independence to manage their money, and parents the visibility and the control to lock and unlock their kid’s debit card if they need to (#teachablemoneymoments).
College Bound: Building Knowledge and Experience
Young adulthood can be scary, yet invigorating. You're on your own for the first time, and the choices you make are yours. But, with newfound freedom comes newfound responsibility. You’re faced with tough decisions like paying for higher education, understanding how and when to use credit, and beginning a career.
Capital One understands that building good money habits during this life stage can unlock financial security and freedom in the long-term. And, we’re committed to creating pathways and opportunities for success for the student community.
We work closely with young adults who haven’t progressed professionally beyond high school to ensure they gain the skills, experiences, and support needed to access professional careers and higher education. And, we offer a college readiness program called First-Gen Focus for first-generation college students to provide financial education and skill-building workshops for smooth transitions into college and the workforce.
Beyond education, one of the most important steps you can take for your financial future is building credit. When used responsibly, a credit card can help you build and maintain positive credit relatively quickly. Capital One’s Journey student credit card encourages responsible use by letting cardholders earn 1% cash back on all their purchases. It also provides perks like $5 per month on select streaming subscriptions when you pay on time.
To track your credit we offer a free credit monitoring tool that helps you develop a clear understanding of your credit and the knowledge necessary to proactively improve your score. Credit is a biggie because it will come into play down the road.
Adulting: Life’s Big Moments
Many of the most enjoyable things in life require financial planning—from paying off student loans, to getting married, to starting a business or retiring. Hence the phrase #adulting.
We designed Capital One Money Coaching with life planning in mind to get clear on what really matters to you so we can help you set goals and a personalized action plan to work toward them. We’ve also made investment management and retirement planning easy so that you can enjoy life and not spend all your time managing your money.
And, long after you figure out personal finance, we help by showing you how to use the latest and most advanced technology for maintaining your financial well-being through virtual workshops such as Ready, Set, Bank – a program to ensure that older adults across the country feel empowered to bank online.