Youth financial education is key for credit unions
Photo by Max Fischer
Financial literacy is a vital component of our lives, but at what age should kids start learning about money? This question is a topic debated by experts—some believe children should start learning about money as early as possible, while others think it is better to wait until children are in middle school.
Professor Frances Gipson of Claremont Graduate University believes that it is never too early to begin the journey of good financial habits.
Kevin O'Leary, a prominent investor, and businessman, also believes that kids should learn about money concepts at an early age. In an interview with CNBC, he emphasized the importance of financial literacy for children and suggested that parents start teaching their kids about money as soon as they start asking for things.
According to a study by Cambridge University, children as young as seven begin forming their money habits.
Research also shows that kids with savings accounts are more likely to attend college. According to a study by Washington University in St. Louis, children with savings accounts in their names are six times more likely to attend college than those without.
All of this points to how crucial it is to start teaching financial literacy to children at an early age.
Today, many financial education programs are available to help children learn about money. One such program is our own It’s a Money Thing Junior Bundle. The Junior Bundle covers essential topics such as making money, spending money, saving money, borrowing money, giving money and growing money. All six topics are delivered in an animated, entertaining and storytelling style that is age-appropriate and engaging for young learners. The topics also come equipped with lesson plans and materials for use at school and at home.
It's clear that financial education is an essential part of a child's education. Starting financial literacy education early can set kids up for success in the future. With engaging and age-appropriate programs like our It’s a Money Thing Junior Bundle, it's never been easier to teach kids about money management. It can also serve as a valuable tool to introduce young audiences to the credit union system and its values and benefits for both members and the wider community.
Tim McAlpine is the Founder & CEO of Currency Marketing. He is best known for developing the It's a Money Thing Financial Education Program that credit unions from around North America are using to connect with new young adult members. He is also a driving force behind CUES Emerge, an emerging leader program that combines online learning, peer collaboration and an exciting competition component.
