April is recognized as National Credit Union Youth Month and is a time where credit unions like Eastex Credit Union can shine a light on the importance of teaching the younger generations the importance of financial literacy. We encourage parents to take some time this month to discuss good spending and saving habits, basic budgeting skills, and other money management skills. The earlier that children and teenagers are exposed to good financial habits, the better chance they will become financially savvy as they mature and eventually head off to college or enter the workforce.
The Importance of Teaching Financial Literacy to Teens
Opening the money conversation in a family setting is important for the way your children will manage money in the future. By teaching and discussing important money lessons, you are essentially building good money habits that will carry with them. It’s natural to make mistakes when someone is first starting out on their financial journey, which is why arming your children with these lessons will help them to understand future financial literacy as well as gain the confidence they need to succeed. Every lesson and conversation about finances will depend on your individual family’s financial situation, your child, and your values. Continually practicing forming good financial habits over time will help create the roadmap of lifelong financial success for your child.
Here are Some Ways to Get Started:
- Work financial topics into everyday conversations.
- Create a budget together.
- Teach them about debt.
- Discuss the importance of a credit score.
- Research trending videos or Tik Toks from financial influencers for best tips and tricks.
- Discuss your financial upbringing. What did you learn and what would you change about it?
- Make connections with everyday occurrences – for example: the current costs of groceries.
- Establish a goal of saving for something such as the latest iPhone.
- Delay immediate gratification.
- Research ways to earn money – for example: mowing a neighbor’s lawn.
- Explain what a credit score is and how it directly affects credit card and loan rates.
- Highlight the importance of securing your funds in a credit union – each account at Eastex Credit Union is insured of up to $250,000.
Open an Eastex Credit Union Checking or Savings Account for Your Teen
Set your child up for success with an Eastex Credit Union savings account. We offer different savings accounts depending on their age:
- Lonestar – Children ages 12 and under
- iSave Student Account – Teens and young adults ages 13-22
A savings account is a great way to give your child a sense of independence with money management. It helps them to visualize saving for a goal or any future purchase. It also gives them the opportunity to grow their money with interest. Ultimately, learning good saving and spending habits are valuable life lessons that take time to learn. Opening a savings account for your child is one of the best ways to introduce these concepts at an early age.
Let us know how we can help you get started! Visit our savings account webpage to get started or contact an Eastex Credit Union representative for more questions. We’re ready to answer any questions about financial literacy for all ages!
