Youth Month - The Science of Saving
A 2017 national survey found that almost 60% of Americans have less than $1,000 in savings, and almost 40% had none. So, if it’s hard for adults, how do you teach your children to save? By turning it into a habit. Studies show that habits formed when you are young tend to stick. It’s why you still brush your teeth every day – we hope!
The theme for this year’s Youth Month is “The Science of Saving,” Using fun, sci-fi-inspired characters, it encourages youngsters to imagine a future where piggy banks fly and giant automatic-saving robots visit credit unions. The science in the theme is not science fiction, research shows that when you picture yourself in the future achieving a goal, like buying a car or going to college, saving for it becomes easier. Start small. Help them save for a toy they want. Then sign them up for a youth savings account where they save for far-off goals. We have a Kids Rewards program that will help incent them to save too.
As your credit union, we want to help you teach your children to learn good financial habits. Together we can help them blast-off toward a bright and wondrous future. Ask us about youth accounts and Kids Club Rewards.