A 2015 Teens & Money survey undertaken by the Irish League of Credit Unions showed that 7 in 10 teens receive pocket money from their parents; of these, 74% receive it on a weekly basis with 18% of teens receiving more pocket money than 12 months ago. 75% save approximately a third of their pocket money with 51% saving with their local credit union. 45% say they are saving money to buy a new phone/or computer. Given how important financial skills are in navigating life, it's vital that we educate our children about the merits of investing in their own futures, by sound financial planning and responsible money management. With the majority of children receiving pocket money it has never been so important that parents play a role in assisting children to develop a savings habit.
Having their own savings account helps children to learn how to manage their money. The key element is not how much they save; it’s developing the habit of saving small amounts on a regular basis.
A credit union is a non-profit financial co-operative owned by its members – the people who save and borrow with it – providing local communities with amazing financial co-ops. It's a place where people save together and lend to each other at a fair and reasonable rate of interest – so where better to start your child’s financial path than at their local credit union?
One of the main reasons people use their credit union is to save money, making it a great first step when teaching your child the importance of saving the money that comes their way.
Young children want to trade their money for sweets and treats as soon as the coins are in their hands, so it’s important to teach them that saving allows them to buy something even better later like a bicycle or new computer game – all it takes is a little patience.
If your children learn good money habits while they are young, they are less likely to find themselves in deep financial trouble when they’re older. Parents are a child’s main source of information about money, so it’s important to teach them basic financial skills like:
- Saving
- Sticking to a budget
- Shop competitively
- Spend money wisely
GR8 Savers is a website created by the ILCU for children aged seven to 12. It’s a place where they can learn about the credit union and how to save, as well as have fun with games, downloads and competitions.
Teach your child about savings now and give them a brighter future.
