Picture this: you’re in the grocery store and throughout the entire shopping trip, your child is asking for everything and anything within reach. You remain calm and respond with a firm, “no”, because you already planned your meals ahead, set a budget, and have been really disciplined in sticking to it. Go you, savvy saver!
Your child makes one final attempt as you’re heading to the checkout, asking, “Can I have this candy bar, please?” Then, it happens: You snap, “Do you think money just grows on trees?!”
Instant guilt rushes over you, and then it dawns on you that your 5-year old probably has no concept of how much a candy bar costs. Even though you have done your homework and understand how it all works, your child does not. The reality is that many kids don’t know where money comes from, how to save it, budget it, or invest it.
According to a recent article from Entrepreneur, more than 85% of Americans believe that K-12 schools should make financial education mandatory, because children aren’t receiving the information they need to be financially successful after high school. Our youth need and deserve a better financial-knowledge foundation upon which to build their futures.
So, what can your credit union do to provide financial education for our youth?
April is Financial Literacy Month, and Empower Federal Credit Union has taken this opportunity to turn the spotlight on how they are supporting youth financial literacy and money management.
“Empower Federal Credit Union recognizes that the best time to start saving and establishing good financial habits is when a child is young,” Cheryl Johnson Welles, Financial Education Officer at Empower FCU, says.
uncommn Marketing Partners offers youth savings accounts designed to engage your credit union’s youngest members. “With the help of uncommn Marketing Partners, Empower has been able to deliver a fun and interactive savings program for its young members, ages newborn to 12 years of age, through Uncommn’s Dollar Dog Kid’s Club,” Welles says.
For kids 12 and younger, the Dollar Dog Kids Club kicks off financial coaching with America’s favorite cash-conscious canine. With fun activity sheets, passbooks, and official kids club merchandise, Dollar Dog is sure to be your credit union’s new CFO (Chief Fun Officer, that is).
“Kids automatically recognize Dollar Dog, and he is able to teach valuable financial lessons in a fun and playful way,” Welles adds. “Our Dollar Dog program is a win-win for the members and our credit union. Dollar Dog can be everywhere, thanks to uncommn: on our website, social media sites, in print, on giveaways and more. Uncommn even offers a professional Dollar Dog costume for purchase, so Dollar Dog can come to life! uncommn Marketing Partners has been an invaluable youth savings partner over the years to enhance our youth savings program.”