Gaining confidence about money starts when children are young and with practice — just like their other activities require practice. Early experiences with money help kids understand how their decisions influence their earnings, savings, and available spending money.
Here are four ways credit union youth accounts like YoungStar for kids and NextGen for teens can help your child now and in their financial future.
Prepare them to use digital services safely
Mobile phones are a constant and familiar source of information and social connectivity for kids (and grown-ups). Introducing a digital banking experience when they are young can help them learn and adopt helpful and safe money skills. Right from a familiar place (their phone) and in a way they are used to interacting with information (digitally).
Practice to help them do their best
In a world of influencers, parents are possibly the most influential teachers of all, including about money. From birthday money to small job earnings, your kids need guidance about money and opportunities to practice. Teen savings and checking accounts help you give them the space they need to learn, understand, and practice their money skills.
Show them how their money grows
The concept of dividends can be confusing for young children and teens. By having a youth account, they can see how their savings grow over time. With your guidance and as they learn, they can use digital tools to help set savings goals, and more.
Give them access to membership
Most credit unions are for specific types of professions, such as local government with Civic. That could be a barrier for young adults if they choose a different career path than you down the road. Setting up a youth savings account gives them a lifetime of credit union benefits such as access to college scholarships, personal loans, and mortgages for example.
Building money confidence takes practice and parental guidance. And we’re right here with you for guidance and support when you open a youth account at Civic.
The advice provided is for informational purposes only and not intended to replace a financial, legal or accounting advisor.
