Junior Savers Week runs from the 20th-26th September 2021
First Choice Credit Union is encouraging children throughout our common bond to start saving with their local credit union! The credit union launches its ‘Junior Savers Week’ next week (September 20th – 26th) to raise awareness on the importance of saving for the future. During the week, credit unions will be running a number of initiatives to raise awareness about the importance of children saving.
Studies* show that giving kids hands-on, real-world experience with money is essential to prepare them financially for adulthood.
In a focus group of Irish parents conducted by the Irish League of Credit Unions and insights company Parents and Brands,* many parents confirmed that physical experiences – like putting coins in piggy bank or savings account, or shopping with a list, was the best way to teach children about money.
As part of the week, First Choice Credit Union will launch a Junior Savers Reward Scheme. Junior Savers Sticker cards will be made available to members. Each time a child lodges money into their account, a sticker will be placed on the card, and a reward given when they complete it.
The Credit Union have also partnered with educational company Twinkl, to provide free, educational resources for children in primary school, called ‘Start Money Smart’ specifically focused on finance and money. All the materials are available for parents and teachers to download on Twinkl.ie.
Speaking about the Junior Savers Week initiative, Shane Melia, Marketing Officer First Choice Credit Union said: “A huge part of our ethos at First Choice Credit Union is financial education for the everyone in our community. We want to ensure that our future generations are financially educated and empowered. Teaching children the value of money is 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 encourage all children to join us here at the credit union and open their very first savings account!”
During Junior Savers Week, First Choice Credit Union will also add €5 to junior members accounts opened that week, 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.
Shane continued: “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 value 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 college, a new car, a holiday or their wedding day.”
*Ashley B. LeBaron, Brigham Young University – 115 study participants: 90 college students aged 18-30, as well as some students’ parents and grandparents. 2018.
*Parents and Brands, 3 day online panel with 60 parents, July 2021.
First Choice 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 First Choice Credit Union. This will give them a sense of independence and responsibility.
For further information on how to open a junior account please click here: https://firstchoicecreditunion.ie/minor-accounts/