Athlone Credit Union is encouraging children in Athlone to start saving with their local credit union following the launch of Junior Savers Week to take place from September 20-26.
Research shows that how we behave around money as adults is learned early on from our parents. Implementing good money habits for children early on helps them understand the importance of financial responsibility. So it is never too early for children to start learning prudent financial behaviour!
Bobbi, the new Athlone Credit Union Junior Saver character will be sharing her story about saving during the week and will be giving some great advice along the way!
“A huge part of our ethos at Athlone Credit Union is financial education for everyone in our community. We want to ensure that our future generations are financially educated and empowered. Teaching children the value of money will be a real benefit to them in the future and habits learned from an early age, last a lifetime.
“We want to encourage the development of a regular savings habit during Junior Savers Week and want to invite all children to join us here at the credit union and open their very first savings account,” Michael Evans, CEO, Athlone Credit Union, remarked.
During Junior Savers Week, Athlone Credit Union will have fun activities for younger savers, while staff will be on-hand with helpful tips and guidance for parents on financial education. Junior Savers Week is designed to be fun and enjoyable for children, while also highlighting the value of money and the benefits of prudent spending.
“Opening up a credit union account for children is a simple process and we will be welcoming all new junior saver members throughout the week to enjoy the fun and activity, and pick up some great tips with help from Bobbi. For children, saving money in a credit union is a real benefit and also teaches them the core values of credit unions, which are run by the community, for the community.
“Our junior savers are the future, and we will always be there for them in the future, for whatever financial assistance they might need, be it going to college, buying a new car, a holiday or their wedding day,” Mr Evans continued.
Athlone Credit Union has also put together some of their top tips for teaching children how to develop a healthy and responsible attitude to money.
Consider rewarding children for regular saving. Don’t focus on the amount saved, but the fact that they are developing a savings habit. Supporting and rewarding them to save, even very small amounts on a regular basis will help to imbed the habit.
Help decide on a savings goal. They will find it much easier to save regularly when they are savings towards something they really want.
Dissuade young people from spending their savings on impulse. Remind them of their savings goal and what they originally wanted to save for. Share with them a story of something that you would have saved for when you were younger.
Help develop a savings plan, calendar or mood-board to highlight when their goal will be achieved. Having a visual prop or a visual ‘countdown’ can also encourage them to stick to their target.
Give pocket money or allowances in small denominations and encourage them to put a little aside. Giving them a transparent piggy bank or jar so they can watch their money physically increase, is also a good idea.
Consider linking pocket money and allowances to chores or responsibilities in the home. This helps to embed the idea that money must be earned. The more effort required to earn their money, the less likely they will be to spend on impulse or all at once.
If pocket money and allowances run out at an early stage, don’t rush to replace them. Providing additional money at the drop of a hat will defeat the purpose of giving a set allowance.
Why not get them to open their own account in Athlone Credit Union. This will give them a sense of independence and responsibility.
For further information, please call in to either of our offices in Irishtown or Monksland or contact Athlone Credit Union on 09064-72497.