Every April we’re excited to celebrate Youth Savings Month, and we hope you are, too! (It’s also known as National Credit Union Youth Month, but we think Youth Savings Month is catchier.) If you’ve not heard of Youth Savings Month before, this April is a great time for you to get involved!
Youth savings month makes money more fun
Youth Savings Month was started by the Credit Union National Association (CUNA) with the goal of making savings fun and exciting for kids. Credit unions across the nation do different things for Youth Savings Month, but every credit union has the same goal: to ensure the next generation has a strong foundation of financial knowledge and habits. After all, kids who start their financial education early have better money management skills throughout their lives.
Equipping our young members is something we’re very passionate about. That’s why, we’re giving any All-Stars or Youth Millionaires accounts opened in April a boost! Check out the details on the Youth Savings page of our website.
Youth financial literacy is incredibly important
First off, financial literacy empowers young people. The more information they have about finances and how things work, the more grounded they will be in the future.
Data indicates that kids who receive a proper financial education are way less likely to develop irresponsible spending habits, and are more able to avoid financial traps and scams, among other benefits.
There are an unfortunate number of young adults who have not received any sort of financial education, formal or informal. At the same time, young adults often make big financial decisions, such as taking out student loans and applying for credit cards.
Without a solid financial education, these young people are at risk of making uninformed decisions and hurting their financial future in preventable ways.
Financial literacy is important for everyone
Without financial literacy programs, generations of young people have had to learn about the world of money on the fly. For a lot of people, finances can get pretty complicated and overwhelming. The unfortunate reality is that money isn’t getting easier to keep track of and secure.
The market is flooded with new applications and startup companies that help people move money around and make payments in ways that didn’t exist before. With all of these fantastic new technologies available, there are of course new ways to get scammed or defrauded. As more and more of these technologies develop, the need for ongoing financial education is more prevalent than ever.
There’s no wrong time to start your financial education, and the earlier you start, the better. So take advantage of our Youth Savings Month programs this April!