We get it. Your kids are busy. You are busy. And between
homework, violin lessons and soccer practice, there isn't a lot of time to
discuss their day, let alone explain the complexities of finances to them. But
sooner or later, your children are going to need to understand the role money
plays in society, and in their lives.
We've all felt at one time or another that our kids think that
money grows on trees. Teaching kids about finance early on will set them up
with the tools needed to make smart financial decisions for life. Financial
literacy has even made its way to classrooms, that's because financial
education has been linked to lower debt levels, higher savings, and higher
credit scores as children mature into adulthood. Later in life, financial
education is also positively connected to net worth and investing. Under Ohio
law, students entering 9th grade on or after July 1, 2022, must earn one half-credit
of financial literacy as a graduation requirement. The Ohio Department of
Education instructs educators to begin implementing financial literacy into
lesson plans as early as kindergarten, ensuring a foundation similar to a
standard math or social studies.
According to the FDIC, one of the biggest ways children
learn about money is by observing. Chances are, you go to work to provide for
your family. Your child can see that a relationship exists between work and
money. Having a conversation with your child about work and how your earnings
influence your purchases is a great place to start the conversation. You might
also consider including them when paying bills or discussing large purchases.
Family financial meetings can also be a way of teaching children about the
financial choices you make and why you make them. Depending on the age of the
child, try to explain it in terms they understand. The main idea is to teach
them the importance of budgets and making choices with your money.
There also are dozens of free programs available to parents
to assist in teaching youth the importance of earning and saving money, as well
as the fundamentals of finances.
At Telhio Credit Union, we invest in this worthwhile effort
by offering our youth members the opportunity to start saving money through our
Money Mammals Kids Club and our Youth Savings Account. Our young members have
the opportunity to learn the importance of saving while also earning cool
prizes.
Visit www.telhio.org/education/youth
and begin investing in your child's financial well-being today!
Open a Youth Savings Account at any Telhio branch with promo code YOUTH50 and
receive a $50 cash bonus*. Here's how to qualify for the bonus:
·
Open Youth Savings Account in-branch using promo
code YOUTH50
·
Deposit $100 or more when opening your account
·
Open date must be before 12/31/2024
·
Bonus will be deposited within 30 days of
account opening
*Offer for new Telhio Youth Savings Account Customers
only. Limit one offer per person. Youth Savings Account must be opened at a
Telhio Credit Union branch. Must use promo code: YOUTH50. To qualify for $50
cash bonus, account must be funded with $100 or more. Open date must be before
12/31/2024. Bonus cash will be deposited within 30 days of account opening.
Account must be in good standing and not have a negative balance to qualify for
bonus. Cash bonus may be considered income and reported on IRS Form 1099-INT.
Telhio reserves the right to modify or eliminate this offer at any time.
Minimum $5 deposit required to earn a Savings Reward Card
punch. Limit one punch per week on qualifying deposits.
Money Mammals is open to kids ages 11 and under. Youth
Savings Accounts require a parent or legal guardian as joint/guarantor. Must
present a birth certificate and/or social security card for the minor. Minimum
of $5 account balance is required to keep account active.
