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Credit Union Financial Literacy
Don't let your children's savings go extinct!
Take your children on a journey to financial wellness. Teaching our children about financial literacy early in life is key to helping them develop lifelong, healthy habits that make their dreams possible.
If you are wondering how to empower your children to save for their future, the Credit Union is a great place to start! We recommend that parents develop a savings plan with their children. See below:
Primary School (Ages 4-10)
This is a great time to talk to them about money. When children are this young, it’s important to keep everything simple and stick to the basics. Children learn best by doing.
Here are some ideas to get started:
Middle School (Ages 11-13)
Middle schoolers are more aware of the value of money, so it’s important to emphasise the importance of saving during these preteen years. They are also able to understand more complicated financial terms.
• Demonstrate how you save. Share with your middle schooler what you’re currently saving for. When you reach your goal, allow them to take part in the celebration;
• Develop a budget. When shopping for something for your teen (like new clothing or school supplies), outline how much you’re willing to spend and what your preteen will be responsible for spending;
• Introduce the concept of work. Middle schoolers can benefit from learning the concept of work and responsibility. Babysitting and lawn mowing are great things to suggest for first jobs, and
• Tackle more complicated money topics. Explain your preteen concepts like credit vs debit cards, introduce financial terms like investment and interest, and show your preteen how to write and follow a budget.
High School(Ages 14-18)
If your child has grown up learning the money tips mentioned above, they are likely ready to have more control over their finances.
Here are some ways to empower your high schooler to embrace their financial independence:
The Credit Union encourages students to spend, save and share!
This plan is a simple and powerful way to help children develop good financial habits. By teaching students to divide their earnings into three jars, you can lay the foundation for a financially healthy future.
Encourage your child to find three old jars and decorate these jars with their favourite stickers, recyclable materials found around the house, then paint and clearly label each jar for spending, saving and sharing.