Credit Union Kids Are The Future
At Garden Savings Federal Credit Union, we understand that children are the future. As a not-for-profit financial cooperative that is member-owned; when you and your family join our credit union you become members, not customers. This means that as you share in the success of the credit union, we share in the success of your children's financial education.
All parents want their kids to grow up healthy. But most of the time that discussion focuses on getting them to eat more vegetables and spend less time in front of screens. Too few think about their kids’ well-being in terms of their financial health.
In fact, one in four parents don’t even feel qualified to teach their kids about money because they themselves don’t feel like they’ve been good enough stewards of their own finances, according to a survey by the investment firm T. Rowe Price. Around two-thirds of parents worry about setting a good financial example for their children.
A risky future
Fewer and fewer workplaces offer guaranteed pensions, making saving for retirement the responsibility of the individual.
Yet mobile technology and targeted online ads are making shopping instantaneous, increasing the likelihood of young people finding themselves in personal debt and ever-ballooning student debt. And almost no young person uses a checkbook, let alone learns to balance one.
On top of all that, only 17 states require a high-school course in personal finance. Perhaps that’s why 40% of young adults who live on their own still depend on their parents for money.
This is why credit unions are such a powerful resource for families. We recognize that kids learning to make smart money decisions is a quality-of-life issue, one that’s every bit as important as a healthy diet and regular exercise.
Credit union strong
That’s why every April we join credit unions across the country to celebrate National Credit Union Youth Month. Unlike other institutions, Garden Savings Federal Credit Union is not-for-profit, and one of our core values that we dedicate to our members is Education. We genuinely want to see our members succeed and gain financial strength.
So if you’re unsure how to teach your kids about money, start by talking to them. Look for teachable moments and bring the topic up naturally—without ever lecturing them.
Solicit their advice at the grocery store about what’s the best deal, and introduce the concept of money early with an allowance. Allow them to spend some of the money they earn, but also talk to them about the importance of giving and saving and lean on your credit union. Open a youth savings account and take advantage of the educational resources Garden Savings offers. We have educational seminars and digital resources that will help your child learn about financial wellness and how they can achieve it.
Start by opening a kid's account and involve them in the process of saving spare change at home, bring them on the drive to our branch and show them how the coin machine works. Let them see the process of saving money and watch their savings grow through digital banking. It could be one of the first steps you help your kids take toward a stronger, brighter future.
Open Kid's Club Account
Garden Savings Federal Credit Union
The local credit union in your neighborhood.
A Better Place to Bank.
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