During the month of April, Credit Unions around the country will guide their young members down the path toward savings goals and financial education in recognition of National Credit Union Youth Month™. This year’s theme, “Give A Hoot About Savings,” encourages kids to embrace financial responsibility and the unique power of credit unions to provide financial security. It also positions credit unions as a source of financial strength. Even after April has passed credit unions, like allU.S., continue to act as high-energy health clubs, where staff continues to serve as personal trainers to get kids and their parents in top financial shape.
Are your kids on the right track to financial independence?
For many of today’s youth and young adults, the weakest link lies in learning the basics of financial management. According to a 2014 survey conducted by Harris Poll on behalf of Junior Achievement USA (2014 Teens and Personal Finance Survey), 40% of teens do not have a savings account, checking account, or debit or credit card, and 59% of teens do not have money management classes offered at their schools.
Achieving economic prosperity and independence is challenging, and it’s especially hard for young people who’ve never learned how to manage money.
allU.S. Credit Union is here to help you launch the youth in your life toward financial independence, and here’s how:
Join. Initially, open a savings account at allU.S. for each child in your family. As soon as your children are old enough, have them fill out deposit and withdrawal slips. Guide teenagers through using a debit card and tracking transactions.
Bank & ATM Visits. Visiting the bank or the local ATM is a perfect way to explain where money comes from. Explain that banks don’t just give out money but it’s a place to keep the money they’ve earned. Call allU.S. and arrange a tour of the branch to show how money is stored and dispensed.
Keep Track of Their Money. Show children the importance of knowing where their money is going. Have them keep track of their money in a notebook or on the computer. You can even make a file where they can organize their store receipts and bank statements.
Build a Budget. Have your child sit down with you and generate a monthly budget. Explain the reasons to keep track of all monthly expenses and then see how much money is left over to either save or make a purchase they want instead of need. As their skills improve, give them challenges—such as finding a better cell phone plan, calculating the total monthly cost of owning a car, or sticking to a budget for back-to-school or holiday spending.
Coach. Remind your children to ask for help when they need it. And turn to allU.S. Credit Union when you want that help. Our tradition of service and philosophy of self-help make allU.S. and all credit unions are natural partners in pursuing financial security. We’re here to help. For more information, contact us.