In celebration of National Credit Union Youth Month and National Credit Union Youth Week (April 21-26), NorState Federal Credit Union branches in Aroostook County are encouraging youth to learn how to better manage money and parents to help teach their children financial independence.
According to a 2014 survey conducted by Harris Poll on behalf of Junior Achievement USA (2014 Teens and Personal Finance Survey), 40 percent of teens do not have a savings account, checking account, or debit or credit card, and 59 percent of teens do not have money management classes offered at their schools.
NorState Marketing Director Denise Duperre noted achieving economic prosperity is especially hard for young people who’ve never learned to manage money. For many of today’s young adults, the weakest link lies in learning the basics. Here, she said, local credit unions can help.
“Your credit union is ideally positioned to respond because we believe in the power of education,” said Duperre. “We’re here to help you launch the youth in your life toward financial independence.”
For starters, parents can open a credit union savings account for each child. As soon as children are able to write, have them fill out deposit and withdrawal slips. Guide teenagers through using a debit card and tracking transactions. Share financial information. Include children in household money discussions. Show them how to budget income and expenses. As their skills improve, give them challenges—such as finding a better cell phone plan, calculating the total monthly cost of owning a car, or sticking to a budget for back-to-school or holiday spending. Continue to coach and remind children to ask for help when needed.
“We’re here to help,” says Duperre. “A tradition of service and philosophy of self-help make NorState and all credit unions natural partners in pursuing financial security.”
For more information, contact NorState at 1-800-804-7555.
