Adults know that saving money is a great idea. There are many benefits to saving a dollar here and there, building up a solid savings account, and planning ahead with your paycheck. But did you know that something as simple as a savings account can have fantastic and long-lasting positive effects on your children as well?
Planting the seeds of early savings behavior can be a lifelong gift. With a savings account, a child has the opportunity to learn about the concepts of money: needs vs. wants, saving for the future, and the rewards of interest. You might be surprised how quickly Junior learns!
One thing is clear—children who understand the concept of saving become adults who manage their money well. Parents who save for their child’s education often raise their educational expectations for the child while they increase savings behavior, decrease anxiety over money and significantly increase the likelihood of their child attending and graduating college. The resulting adult is well-versed in financial basics, has a great habit of saving and spending responsibly, and has a better chance of achieving a high paying job they love with their hard-earned degree.
So, when is the best time to open up a savings account for a child? Right now! April is National Credit Union Youth Month, and BVSCU is encouraging kids to think about saving and win great prizes by entering our National Youth Savings Challenge (Contests are now closed). Plus, opening a savings account is easy and fun when you start with your local credit union. Apply online or come visit us in person at any of our ten convenient branch locations to make your young saver a Super Saver today!
by Kaya Simmons, Membership Development Representative