Every April, credit unions around the globe join us in celebrating CUNA Youth Month. Youth Month is a great annual opportunity to engage with our young members and show them that Carolina Trust is here to help them throughout their financial journey.
The official theme for this year's National Credit Union Youth Month is "Unleash the Power of Saving at your credit union™." This theme makes saving for the future fun and encourages younger members to create financial dreams and work hard to see them through.
We know that talking to children about financial concepts can be challenging, as it's not always the most exciting topic, and they don't yet have money of their own to truly understand how to manage it. Here are a few tips that you can try to start the conversation about finances with your children at an early age and help prepare them to be financially literate adults.
Financial Story Time
Find children's books at your local library with a financial theme. Weaving financial concepts into their regular nightly storytime routine is a great way to introduce them to topics and keep them interested. I've also shared a few virtual storytime videos on our Youth Month page that would be great to play for your children before bedtime.
Financial Crafts and Activities
Another great way to make learning about finances more fun is through a financial craft, activity, or game. Not only will this give your children something to do and a way to be creative, but it will also create an opportunity for you to talk to them about money as you help them with the activity. Here are a few activity ideas that you can try.
Involve Them in Minor Financial Decisions
Allowing your children to be a part of small financial decisions at an early age helps teach them the skill of financial decision-making, which plays a big role in your financial literacy as an adult. Try giving your child a set amount of money when you go to the grocery store to pick snacks for their lunch. Teach them about the difference in the price of generic and name-brand items and help them make smart decisions to budget their snack money wisely.
Open a Goal Club Youth Savings Account
Opening a savings account for your child and bringing them with you to the credit union when you make deposits or withdrawals is a great opportunity for your children to gain confidence and comfort with their money. Unlike a piggy bank, a savings account allows children to learn about interest and see their money grow. Once they're older, they'll better understand the interest associated with loans and be more comfortable coming into the credit union to discuss any issues with their account because of the relationships they've made coming in as a child.
