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Credit Union Helps Parents Teach Kids to be Money Smart
Achieving financial soundness is difficult. It’s especially hard for young people who have never learned how to manage money.
Sikorsky Financial Credit Union believes in the power of education and has tools to help parents guide their children toward financial literacy.
Join the credit union as it celebrates National Credit Union Youth Week from April 21-26. The theme is “Got Green? Grow It at SFCU.”
Each SFCU branch will have age-appropriate materials for parents and guardians to use when talking with children about money. There also will be a drawing for a plush stuffed frog.
Children will receive books and activity materials about setting saving, sharing and spending goals. See SFCU’s Web site sikorskyfcu.org for details.
The credit union recommends that parents take these three steps to teach their children about financial literacy:
As a start, open a savings account for each child in the family at SFCU. As soon as children can write, have them label three containers with the words “save,” “spend” and “share.” Encourage children to put a portion of their allowance into each container.
This teaches the basics of how to save regularly and give to others. Guide teenagers through using a debit card and balancing a checkbook.
Include children in household finance discussions. Show them how to 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.
Remind children to ask for help when they need it and turn to the credit union for assistance. Its tradition of service and philosophy of self-help make SFCU and all credit unions a natural partner in pursuing financial soundness and security.
The JumpStart Coalition, has been surveying high school seniors about personal finance for about a decade, according to the SFCU. Only 36 percent thought that a house financed with a fixed-rate mortgage was a good hedge against a sudden increase in inflation. Only 13 percent knew the amount an individual is responsible for if a credit card were lost or stolen ($50).
Founded in 1948, Sikorsky Financial Credit Union is one of Connecticut’s largest credit union more than 55,000 members and $500 million in assets. Branches are in Stratford, Shelton, Seymour, Milford and Danbury.
As a state chartered credit union, membership is open to anyone who lives, or works, in Fairfield, New Haven or Hartford County. Deposits are insured by the National Credit Union Administration, an agency of the U.S. Government.
this article was in several local papers.....