Junior Saver’s Week
26 September, 2023We’re celebrating Junior Saver’s Week, and a massive part of our ethos at Wexford Credit Union is financial education for 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 regular savings habits during Junior Savers Week and encourage all children to join us here at the credit union and open their first savings account!
If you’re popping into us this week, grab one of our piggy savings banks and download and print off our Junior Activity Sheet for your child.
Junior Savers Activity Sheet
If you’d like to set up an account for your child, click on the link below and find out what you need to bring.
Here are some tips for teaching children how to develop a healthy and responsible attitude toward money.
- Consider rewarding children for regular saving. Please don’t focus on the amount saved, but on the fact that they are developing a savings habit. Supporting and rewarding them to save even tiny amounts regularly will help improve the practice.
- Help decide on a savings goal. They will find it much easier to save regularly when saving towards something they 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 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.
- Give pocket money or allowances in small denominations and encourage them to put a little aside. Giving them a transparent piggy bank or jar to watch their cash 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 make their money, the less likely they will be to spend on impulse or all at once.
- If pocket money and allowances run out early, 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 account here? This will give them a sense of independence and responsibility.
Please call us on 053 912 3909 if you’d like more help.