Junior Savers Week runs from the 5th – 11th October 2020
Carrickmacross Credit Union Ltd. is encouraging children to start saving with their local credit union! The credit union launches its ‘Junior Savers Week’ next week (October 5th – 11th) which aims to encourage the importance of saving for the future.
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, our new Junior Saver character will be helping us to share her story about saving during the week, and will be giving some great advice along the way!
Speaking about the Junior Savers Week initiative, Marian McEnaney, CEO Carrickmacross Credit Union Ltd. said: “A huge part of our ethos at Carrickmacross Credit Union Ltd. 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 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, Carrickmacross Credit Union Ltd. will have dedicated desk and some goodie bags 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.
Marian 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.”
Carrickmacross Credit Union Ltd. 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 saving 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, or 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 Carrickmacross Credit Union Ltd. This will give them a sense of independence and responsibility.
For further information, please contact Kate Crowe at Carrickmacross Credit Union Ltd. on firstname.lastname@example.org