This week is ‘Junior Savers Week’. Check out our savings tips on our social media pages during the week. Download our savings chart here to set a savings goal and help them track their progress.
Studies* show that giving kids hands-on, real-world experience with money is essential to prepare them financially for adulthood.
In a focus group of Irish parents conducted by the Irish League of Credit Unions and insights company Parents and Brands,* many parents confirmed that physical experiences – like putting coins in piggy bank or savings account, or shopping with a list, was the best way to teach children about money.
The Credit Union have also partnered with educational company Twinkl, to provide free, educational resources for children in primary school, called ‘Start Money Smart’ specifically focused on finance and money. All the materials are available for parents and teachers to download on Twinkl.ie.
A huge part of our ethos at Kilmallock Credit Union is financial education for the everyone in our community. We want to ensure that our future generations are financially educated and empowered. Teaching children the value of money is a real benefit to them in the future and habits learned from an early age last a lifetime. We want to encourage the development of a regular savings habit during Junior Savers Week and want to encourage all children to join us here at the credit union and open their very first savings account!
Fun Activities for Junior Savers Week
Tips for parents / guardians to help children save:
- Consider rewarding children for regular saving. Don’t focus on the amount saved, but the fact that they are developing a savings habit. Supporting and rewarding them to save even very small amounts on a regular basis will help to imbed the habit.
- Help decide on a savings goal. They will find it much easier to save regularly when they are savings towards something they really want.
- Dissuade young people from spending their savings on impulse. Remind them of their savings goal and what they originally wanted to save for. Share with them a story of something that you would have saved for when you were younger.
- Help develop a savings plan, calendar or mood-board to highlight when their goal will be achieved. Having a visual prop or a visual ‘countdown’ can also encourage them to stick to their target. Download our savings chart here.
- Give pocket money or allowances in small denominations and encourage them to put a little aside. Giving them a transparent piggy bank or jar so they can watch their money physically increase, is also a good idea.
- Consider linking pocket money and allowances to chores or responsibilities in the home. This helps to embed the idea that money must be earned. The more effort required to earn their money, the less likely they will be to spend on impulse or all at once.
- If pocket money and allowances run out at an early stage, don’t rush to replace them. Providing additional money at the drop of a hat will defeat the purpose of giving a set allowance.
- Why not get them to open their own account in Kilmallock Credit Union. This will give them a sense of independence and responsibility.
To open a child’s accounts the following documents are required:
- Proof of Identity: Current Passport or Birth Certificate for the child. Current and In Date Passport or Drivers Licence for parents.
- Proof of Address: An original utility bill, bank statement or social welfare document showing your current address. Please Note: Document must be dated within 3 months.
- Proof of PPSN: for child and parent. Payslip, P60, Revenue correspondence, Old Social Services Card. Please Note: Your payslip must be dated within 3 months.
- €5.50: This is to open your account and it will be your minimum share balance. This includes a Membership fee of €0.50c and a minimum opening balance of €5.
- Membership applications for minors can only be completed in-branch.
- Click here to see our opening hours.
*Ashley B. LeBaron, Brigham Young University – 115 study participants: 90 college students aged 18-30, as well as some students’ parents and grandparents. 2018.
*Parents and Brands, 3 day online panel with 60 parents, July 2021.