WESTPORT CREDIT UNION LAUNCHES GR8 SAVERS WEEK May 15th - May 20th
Westport Credit Union is urging parents to take advantage of Gr8 Savers Week 2017 to talk to their children about the value of money and the importance of saving for the future. Gr8 Savers Week is the annual youth savings initiative run by the Irish League of Credit Unions and takes place in credit unions throughout the country May 15th & May 20th this year.
On average, children are now receiving over €200 in pocket money annually and 75% of parents are opting to give their children a regular allowance. With these financial arrangements now being the norm, there is great potential to educate children about the value of money. Westport Credit Union together with parents and teachers from the local community can play a big role in this.
Throughout GR8 Savers Week, Westport Credit Union will host a variety of great events and will have some fantastic tips for parents, as well as some great goodies for junior savers. Commenting on Gr8 Savers Week, Pauline Ryan Manager of Westport Credit Union said “It is vital that we educate the younger members of our community about the benefits of investing in their own futures.
This comes with sound financial planning and responsible money management. These skills can be nurtured by developing a regular savings habit as a child – and this is what GR8 Savers Week is all about. Children are never too young to learn about the value of money and the younger a child develops a healthy attitude to money management the better. When money skills are learned at an early stage, it is likely they will stay with you for life.”
With financial experts saying that this generation’s children get much more in terms of money and possessions than previous generations, it has never been more important to teach children about where money comes from. This is necessary so in the future they can adjust to being financially independent.
Pauline Ryan continued: “Westport Credit Union wants to help local parents give their children a solid financial education from a young age. Every parent and child in our community is welcome to call into our credit union throughout the week to enjoy the fun and activity, and pick up some great tips and guidance on how juniors can save. Westport Credit Union is a not for profit organisation offering fair and affordable financial services locally. Our friendly staff are always available to talk to new and existing members about our savings and lending services.”
WESTPORT CREDIT UNION’S TOP TIPS TO HELP CHILDREN BECOME GR8 SAVERS
- Consider rewarding children for regular saving. Don’t focus on the amount saved rather the fact that they are developing a savings habit. Supporting and rewarding children to save even very small amounts on a regular basis will help to imbed the habit.
- Help children to decide on a savings goals - it’s good for them to have both a short term and a long-term goal. Children will find it much easier to save regularly when they are savings towards something they really want.
- Dissuade children 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 as a child.
- Help them to develop a savings plan, calendar or mood board to highlight when their goal will be achieved. Having a visual prop which children can use to ‘countdown’ can also encourage children to stick to their target.
- Give pocket money in small denominations and encourage children to put a little aside. Having a piggy bank, or better still a transparent jar so they can watch their money physically increase, is also a good idea.
- Consider linking pocket money to chores. This helps to embed the idea that money must be earned. The more effort required by children to earn pocket money, the less likely they will be to spend on impulse or all at once.
- If pocket money runs out at an early stage, don’t rush to replace it. Providing additional money at the drop of a hat will defeat the purpose of giving a set allowance to children.
- Bring them to Westport Credit Union to become a GR8 Saver. Opening their very own credit union account will give them a sense of independence and responsibility & EVEN BETTER we will top it up by €10 that week (T&C’S Apply)
For more information on how to open an account with Westport Credit Union Click Here: https://www.westportcu.ie/How-To-Join
