CHICAGO, June 12, 2012 /PRNewswire/ -- This Father's Day, kids across the country will honor their dads with thank-you cards, finger-painted masterpieces and other homemade goodies. The holiday is a great time to celebrate fatherhood, and also presents an opportunity for fathers to reflect on their family's level of financial preparation for their children's futures.
"Raising kids comes with plenty of financial responsibility," said Julie Curran, Regional President, BMO Harris Bank. "But with some education, planning and preparation, parents can ensure a stable future for the next generation of their family."
Perhaps the most prominent concern for parents is paying for college. As the costs of college continue to rise, so does the stress on parents' pocketbooks. It's never too early to start saving for a college education, and doing so allows parents to take advantage of compounded interest. A 529 Plan for each child is a good way to do this.
A few other things for fathers to consider include disability and life insurance – for both parents. These are vital to have in the event of unforeseen health issues and can be a boon when the unexpected happens. Many companies make these policies available for a small monthly payment.
Furthermore, having a detailed will in place will ensure that assets are distributed correctly and that surviving family members receive funds as designated.
Finally, as kids age, dads should take an active role in their financial education. For instance, parents could give their kids a small allowance and help them to prioritize between spending and saving that money. Fathers should also take the time to engage kids in banking activities to teach them how things like checks and debit cards work.
"BMO Harris Bank salutes fathers everywhere for their sacrifices," added Curran. "We wish them and their families the best in planning and preparing for their kids' futures."
About BMO Harris Bank
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through over 650 branches and approximately 1,350 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank℠ is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with 1,600 branches, and a retail deposit base of approximately $180 billion.
BMO Harris Bank is a trade name used by BMO Harris Bank N.A. Banking deposit and loan products and services are provided by BMO Harris Bank N.A. Member FDIC. Brokerage products are offered through Harris Investor Services, Inc. (HIS), a registered broker/dealer, member FINRA/SIPC, and SEC-registered investment advisor. Insurance products are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Investment banking services are provided by BMO Capital Markets Corp. (BMOCMC) and BMO Capital Markets GKST, Inc. (GKST), a Municipal Bond Dealer and member FINRA and SIPC. Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc. (Harris SBSB), an SEC registered investment advisor. Family Office Services are provided by Harris myCFO, Inc. Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC (Harris myCFO), an SEC-registered investment advisor and wholly-owned subsidiary of Harris myCFO, Inc. Stoker Ostler Wealth Advisors (Stoker Ostler) is an SEC-registered investment advisor. Investment advisory services to institutional clients are provided by Harris Investment Management (HIM) or its wholly-owned subsidiary HIM Monegy (Monegy), SEC-registered investment advisors. Products offered by HIS, HBIS, BMOCM, Harris SBSB, Harris myCFO, Stoker Ostler, HIM, and Monegy, which are affiliated companies and wholly owned subsidiaries of BMO Financial Corp.,: Are not insured by the FDIC or any Federal Government Agency, not a deposit of or guaranteed by any Bank or Bank Affiliate, may lose value. The purchase of insurance or an annuity is not a condition to any bank loan or service. Not all products and services are offered in every state and/or location.
SOURCE BMO Harris Bank