Money Monday: It’s National Credit Union Youth Week!

Whether you have children or grandchildren of your own, teach a group of kids, or can simply take a moment to reflect back to a time when you were younger, you’re likely to agree that the age-old statement, Teach ‘em while they’re young, is very  true. From second languages to reading, learning how to organize a room and look both ways while crossing the street – the earlier kids are taught important life lessons, the more likely they are to fully comprehend and stick with them as they get older, and the less likely they’ll be to be totally lost, unaware, and distressed later

April 20 through the 26 is National Credit Union Youth Week. A week that not only encourages youth to set up savings accounts at a credit union, but also learn how to manage their money.

A Good Start

Maybe you've already thought of a creative way to teach the children, pre-teens, and teenagers in your life the value of a dollar – by giving them chores, helping out with a lemonade stand, or putting a cap on the cost of their purchases while out shopping - but financial literacy for youth shouldn't end there.

A Great Start

If you are paying for around-the-house chores, then skip the piggy bank and open a savings account with your child, explaining that they’ll actually make more in interest over time by keeping it stored in a financial institution. Help them come up with some financial predictions and goals before opening their lemonade stand. Teach them how to count back change to customers, create receipts, and total their profits. If you plan to give your teenager a spending limit on his or her next shopping trip, don’t just hand over the credit card. Give them cash and encourage them to really consider their purchases – offer to let them keep the cash if they don’t spend it to help them save for a larger, future purchase. If they already have their own checking or savings account, teach them how to keep track of their spending and create a budget.

3Rivers Can Help

3Rivers is all about providing financial literacy and education to our members and the public, no matter their age. Utilize our website, or stop into a branch to start a conversation with one of our team members. Want to open an account for your child or teen? We have options especially for them!

Credit Union Buddy Account (CUB Account)

This can be opened before or just after your little one has taken his or her first steps! It’s designed for youngsters who are just starting to learn about money and how to manage it. | View more.

Livin’ Free Savings

This savings account is geared toward young people just starting their own personal finances, and encourages contributing to savings by offering higher dividends – up to 5% on the first $500!

Additional Resources

• TheMint.org offers financially-focused games, quizzes, and activities for young children and teenagers. | Visit page.
• ZenHabits discusses ten lessons to teach your kids about money. | Read more.
• CNN Money offers a parents guide to teaching kids about money. | Read more.
• Daily Finance has some advice on helping teenagers learn about personal finance. | View article.

Money and personal finance isn’t the most exciting thing you’ll talk to your child or teen about. We know that. But it is one of the most important things you can teach them about early on, and there are plenty of ways to make it fun! Need help getting the money matters conversation started with your child or teen, or need a bit of a refresher on financial literacy yourself? Get in touch with us today!