For many of today’s young adults, the weakest link lies in learning the basics. According to a 2014 survey conducted by Harris Poll on behalf of Junior Achievement USA (2014 Teens and Personal Finance Survey), 40% of teens do not have a savings account, checking account, or debit or credit card. In addition, 59% of teens do not have money management classes offered at their schools.
Achieving economic prosperity is difficult, and it’s especially hard for young people who’ve never learned how to manage money.
Liberty Savings is ideally positioned to respond because we believe in the power of education. We’re here to help you launch the youth in your life toward financial independence, and here’s how:
Start a Membership
Even at a young age each child in your family can open a credit union savings account. As soon as your children can write, have them fill out deposit and withdrawal slips. For teenagers, you can guide them through using a debit card and tracking transactions.
Share the Budget
Include your children in household money discussions. Show them how you 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.
Be a Coach
Remind your children to ask for help when they need it, and feel free to ask us if you need help too. We’ve always been provide financial solutions for all of our members, and that means for your children too.
Let us know how we can help too! Check our Youth Accounts for more information, stop by any branch or call 201-659-3900 to keep your child’s financial future a fitness success.