JUNIOR SAVERS WEEK 2022 at First Choice Credit Union

Junior Savers Week runs from the 26th September – 1st October 2022

First Choice Credit Union is delighted to launch its ‘Junior Savers Week’ which will be running from the 26th September to the 1stOctober. During the week, First Choice Credit Union will be running a number of initiatives to raise awareness about the importance of saving and developing positive financial habits for life.

During Junior Savers Week, First Choice Credit Union will be adding €10 to all junior accounts opened during Junior Savers Week. Additionally, we will have fun and educational activity sheets and piggy banks 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.

Speaking about the Junior Savers Week initiative, Shane Melia, Marketing Offer at First Choice Credit Union said: “During Junior Savers week we want to encourage and motivate children to instil positive savings habits. A huge part of our ethos at First Choice Credit Union is financial education for the everyone in our community and we want to ensure that our future generations are financially educated and empowered. Supporting the local community is vitally important to us, and we are thrilled to promote our Junior Savers Week to reach as many children as we can and help them build a sound understanding of the value and importance of saving. We will be reaching out to children and parents throughout our common bond to join us here at the credit union and open a credit union account.”

Shane continued: “Opening up a credit union account for children is a simple process and we will be welcoming all new members throughout the week to enjoy the fun and activity, and pick up some great tips with help from the Junior Saver mascot 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. We want to help prepare our junior savers for a positive financial future, and First Choice Credit Union will be there for them in the future, for whatever financial assistance they might need.”

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.

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.

  1. 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.
  2. Help decide on a savings goal. They will find it much easier to save regularly when they are savings towards something they really want.
  3. 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.
  4. 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.
  5. Give pocket money or allowances in small denominations and encourage them to put a little aside. Pocket money is a great way of teaching kids the value of money and introducing the concepts of earning and saving. Giving them a transparent piggy bank or jar so they can watch their money physically increase, is also a good idea.
  6. 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.
  7. 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.
  8. 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 more information on how to join, click here: JOIN.