On the Right Track

Filed under: Savings, School Age

Are your kids on the right track to financial independence?

For many of today's young adults, that goal is still a long way off. Forty-one percent of parents still provide some level of financial support to their children ages 23 to 28. In addition, only 23% of parents say their kids are very knowledgeable about money management.*

Achieving economic prosperity is difficult. It's especially hard for young people who've never learned how to manage money. Your credit union is ideally positioned to respond because we believe in the power of education. We're here to help you launch the youth in your life toward financial independence.

Join. As a start, open a savings account for each child in your family at the credit union. As soon as your children can write, have them fill out deposit and withdrawal slips. Guide teenagers through using a debit card and balancing a checkbook.

Share. Include your children in your household finance discussions. Show them how you 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 with back-to-school or holiday spending.

Coach. Remind your children to ask for help when they need it. And turn to your credit union when you want help. Our tradition of service and philosophy of self-help make Earthmover and all credit unions a natural partner in pursuing financial security.

We're here to help. For more information, contact us at 872-4188.

*2010 Families and Money Survey, Charles Schwab

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