Hey parents! Have you had “the talk” yet with your kids? No, not that talk. The one about money and saving. Family Trust will make it easy for you during our Youth Week celebration, which will be Monday, Aug. 8, through Saturday, Aug. 13.
According to a recent survey reported by the Credit Union National Association, only 26 percent of parents questioned said they felt prepared to talk to their children about money. In fact, more parents said they were better prepared to talk about sex and drugs, and less than 30 percent said they were good financial role models.
It can be awkward to talk with your child about money, but experts say it’s important to start the conversation early and to have it often. Here are some ideas:
- Talk to your kids about the family budget. If you’re uncomfortable telling them how much you earn, you can try just listing your expenses and sources of income.
- If money is tight, help kids become part of the solution. Kids can clip coupons to save on groceries or save pennies for a family vacation.
- Open a savings account with them and watch it grow.
- Take your child with you to the credit union and explain what you’ll do there.
- When your child asks for a toy, make them pay for part of it.
Youth Week was created to support our commitment to financial education for youth and to encourage saving at an early age. During the week, children 12 and under are invited to open a savings account or make a deposit into an existing account. The week will end with celebrations in Clover and Rock Hill. Click here to learn more.
This year’s theme is “Wild About Saving.”
The Explorer’s Club is open to children up to age 12 and offers rewards for birthdays and good grades, newsletters and saving options. Currently, there are more than 3,000 Explorer’s Club members at Family Trust.
We’d love to hear your ideas for teaching kids about money. Comment below and let’s get the discussion started.