Finanzas personales

Why You Should “Give a Hoot” About Credit Union Youth Week

Give a Hoot about Saving - Credit Unions Celebrate Youth

Bring your child in to any Unitus branch during youth week April 24 – April 28! Each young member that deposits $25 or more into a new or existing uSavers account will receive one automatic entry into our Save and Win drawing for a chance to win one of four $25 cash prizes.* Kids opening new uSavers accounts, in branch, will also receive a Moonjar Moneybox Tool Kit, while supplies last.**


Teach Your Little Owls to Fly with Money Talks

Youth week- It’s not just for youth! We know parents and guardians play an important role in teaching their children money management skills. “The most effective way to teach is by having frequent discussions and don’t ever lecture,” said Ted Beck, president and chief executive of the National Endowment for Financial Education, in a recent Wall Street Journal article. “Look for teachable moments and always be willing to answer questions.”

Unfortunately, this can also be the hardest. A 2015 T. Rowe Price survey found that 72% of parents experienced at least some reluctance to talk to their kids about financial matters, and 18% were either very or extremely reluctant. The most common reasons given were that the parents didn’t want them to worry about financial matters or thought they were too young to understand.

But on his blog, the personal-finance guru and radio host Dave Ramsey encourages parents to be more open with their kids about money, even their failures. Parents’ biggest regrets are often not saving enough or going into too much debt, wrote Ramsey. Being honest about that in an age-appropriate way, he stated, can be a powerful lesson.


So how to start the talk?

  • Ask questions. If you’re going out to eat, talk about the price difference between the options, and ask them which they would choose. If they select the more expensive, talk through what you might have to give up later in the week.
  • Make them part of your budgeting. If you’re doing any kind of financial planning for the year, solicit input from your kids. Enlist them in your saving goals—no one watches you more closely than your kids, so they’re natural accountability partners! If you’re uncomfortable revealing too much of your financial picture, you can keep the discussions high level, but involving them makes money less abstract.
  • Open a uSavers account at Unitus! This is the best way to help them to learn to save for what they find meaningful in life. A lifetime of good savings habits can start now!

*Save & Win Drawing: Membership requires a Prime Share account opened in the child’s name by a parent or guardian. Prime Share accounts require a $5.00 initial deposit. Parents, if you’re new to Unitus, we require one-time membership dues of $10.00. Please also bring your child’s birth certificate, if they don’t have a state ID card or passport. uSavers APY (Annual Percentage Yield). Current APY effective as of 4/3/2017 on balances of: $5.00 – $24,999.99, 0.05%, $25,000 or more, .10%., APY may change at any time. Fees may reduce earnings. Four winners will be drawn random to win $25 each on May 5, 2017. (Money will be deposited into the youth’s savings account.) Winners will be notified by phone. **Retail value $7.95.

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