Are your kids on the right track to financial independence?
For many of today’s young adults, the weakest link lies in learning the basics. Only 35% of teens know how to balance a checking account or manage credit cards. During the past several years, a decline in overall financial knowledge is especially pronounced among 18-year-olds, and 13% fewer teens have bank accounts.*Achieving economic prosperity is difficult, and it’s especially hard for young people who have never learned to manage money. Your credit union 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:
Join. For starters, open a credit union savings account for each child in your family. As soon as your children can write, have them fill out deposit and withdrawal slips. Guide teenagers through using a debit card and tracking transactions.
Share. 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.
Coach. Remind your children to ask for help when they need it and turn to your credit union when you want help. Our tradition of service and philosophy of self-help make TMH Federal Credit Union and all credit unions a natural partner in pursuing financial security.
National Credit Union Youth Week TM is April 20 - 26 but YOUR Health Credit Union likes to celebrate for the entire month of April. So stop by and get in on the action during Youth Month:From April 1 – 30 if you open a new First Mates Kid’s Club or CU Succeed® Teen Account; we will match the first deposit up to $25**.Current and New First Mates Kid’s Club members can come in and register to win a Toys “R” Us $75.00 Gift Card***!Current and New CU Succeed® Teen Account members can come in and register to win an iPod Nano***!For more information, contact TMH Federal Credit Union at 850-402-5301.
(*2011 Teens and Money Survey, Charles Schwab. **Only initial deposit will be matched up to $25. *** - Drawings to be held after close of business 4/26/14, odds of winning depend on number of eligible entries received, value of deposit into CU Succeed Teen Account/ First Mates Club does not increase chance of winning. Entry window begins open of business Tuesday 04/1/14 and ends close of business Saturday 04/26/14.)