April is National Credit Union Youth Month

Financial education is crucial, and we want to help you teach your children about the importance of being responsible with money and saving for the future.

The first step to teaching your kids about money is talking about money. The most effective way to teach is by having frequent discussions and not to lecture. Look for teachable moments and always be willing to answer questions. Sometimes parents don’t want their children to worry about financial matters or think they are too young to understand, but that is not the case. 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 youth savings account.

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! 

Did you know:

  • A report on the results of a financial literacy exam found that high school seniors scored on average 48% correct
  • A survey of 15-year-olds in the United States found that 18% of respondents did not learn fundamental financial skills that are often applied in everyday situations, such as building a simple budget, comparison shopping, and understanding an invoice.

With such a staggering lack of knowledge of basic finance, it’s easy for kids to grow up and fall victim to scams, high-interest-rate loans from predatory lenders, and a debt load that becomes enormous.

So, at what age is it right to start teaching your kids good financial habits? The short answer is right now. By age 3, your kids can grasp basic money concepts. By age 7, many of their money habits are already set. No matter their age, let’s take this opportunity during National Credit Union Youth Month to start!

Open a new youth share account and be entered in the drawing for a mini drone. 

Fun Activities to Celebrate Credit Union Youth Month

Youth Month Drawing

Opening a new youth share account automatically enters you in the April Youth Month celebration.

The prize is a Mini Drone for Kids with Remote Control!

Official Rules are listed below.

Official Rules

Sentinel Federal Credit Union Youth Month Prize Drawing is open to all youth under 18 who open a new Share Account with Sentinel Federal Credit Union during April 1-30, 2024. The prize is a Mini Drone for Kids with Remote Control valued at $50.00. Membership eligibility applies. $5 deposit required to open new account. Under 18 seeking debit card or checking account requires parental consent. Early account closure rules apply. A $25 fee will be applied for account closure prior to 3 months of account date opening. Limit one entry per person per new account. Odds of winning depend on number of entrants. This contest is void where prohibited. Sentinel Federal Credit Union will randomly select one winner from its entrants. The winner will be notified after April 30, 2024. The winner agrees to the use of their name and likeness in Sentinel FCU promotional efforts.

A few fun facts about Kids and Money:

  • What do kids spend their money on?
    • 34% Clothes
    • 22% Fun
    • 16% Eating out
    • 1% Savings
  • Where do kids get their money?
    • 61% get paid an allowance (average of $780/yr)
    • 48% get paid for good grades (average rate for an A: $16.60)
    • 30% of teens have summer jobs (average minimum wage: $7.20)
  • Did you know that less than 10 states require financial literacy courses within the classroom.
  • Topics of conversation within families:
    • 95% Manners
    • 87% Nutrition
    • 87% School
    • 84% Danger of smoking
    • 76% Money
  • What do parents think is the most important financial advice?
    • 31% Work hard
    • 23% Set money goals
    • 9% Pay yourself first.