If your son or daughter is graduating from high school or college, you could choose a traditional gift - or you could give a present that will set them up for future success. The gift of good finances is always an appropriate one, and there are many ways to pass your own success on to the next generation.

Whether it is a graduation gift, a birthday present, or a gift for some other occasion, monetary gifts are sure to be well received. Here are seven thoughtful financial gifts the young person in your life will thank you for.

1. Fund an IRA contribution. There is no such thing as too early when it comes to saving for retirement, but many young workers lack the cash to set up an IRA. Offering to fund that first IRA contribution is a wonderful thing to do, a small touch that could have big implications for their future finances. Take a look at the options available at Andover Bank for CDs and IRAs.

2. Set up an emergency fund in their name. Having an emergency fund to fall back on is important, but setting that money aside can be tough for young people just starting out. Setting up an emergency fund in the name of that young person is a thoughtful gift, one that is sure to be very much appreciated. Setting up a simple savings account is easy and straightforward.

3. Pay the first couple of months' worth of rent. The price of rent has risen sharply in many major markets, leading to a crisis of affordability and making adulthood that much harder. If you are looking for a gift that will make a difference, offering to pay the first few months' worth of rent will make a huge impact.

4. Give them some grocery gift cards. Life as an adult is expensive, and just feeding yourself can be tough. Grocery gift cards are the perfect present for the young adult in your life, especially if they are just heading out on their own.

5. Pay down their student loan debt. Making it through college is a major accomplishment, but graduation is just the beginning. Paying down those student loan debts can be tough, but you can make the path through life easier by offering to make a few payments along the way.

6. Help with the down payment on a home. If you are feeling especially generous and are in a good position to do it, you can help your son, daughter, or another deserving young person with the down payment help on their first home. You can also offer assistance in other ways, including inspecting the property and providing advice on how to apply for a mortgage.

7. Sit them down with your financial advisor. If you have a financial advisor you trust, paying for an hour or two of their time can be a wonderful gift to the next generation. Timely financial advice can be a priceless gift for a young person, one that will continue to pay benefits for years and decades to come. If you’d like to speak with a financial advisor at Andover Bank, go online to find information to get started.

Given the importance of money and finances in a young person's life, you might be surprised to learn that financial education is rarely a required course. Unless they are majoring in finance or business, your favorite young person may have learned nothing at all about money and how to handle it.

You can do your part to fight that financial ignorance when you choose a gift for the young person in your life. From funding their first IRA contribution to paying down their student loan debt, the financial gifts you give now are sure to be appreciated long into the future.