BANNVALE CREDIT UNION LAUNCHES ANNUAL GR8 SAVERS WEEK
Campaign to encourage children to develop smart money habits
National Credit Union GR8 Savers weeks runs from 9th – 16th May
Bannvale Credit Union together with credit unions across the island, will this week celebrate National Credit Union GR8 Savers Week. The initiative, which runs from 9th – 15th May, aims to help young people to develop a smart relationship with money and highlights the importance of developing a savings habit. Bannvale credit union is also underlining the important role that parents can play in assisting children to develop smart money habits.
Speaking on the launch of the initiative, Grace Donaghy, Marketing Officer of Bannvale Credit Union said:
"Providing financial education to our members is a core part of what we do. Helping young people, in particular, to develop smart money habits is vital. We find that if smart money skills are learned at an early stage, it is likely that they will stay with you for life”.
The theme of GR8 Savers week in Bannvale Credit Union this year is to encourage children to become savings superheroes. Children will be shown how the superpower of savings can help them to get the things what they want, both now and in the future. Of course, like any superpower, if it’s not used on a regular basis, the effects can wear off!
"The benefits of supporting and encouraging our young savings superheroes are both immediate and long term. In the short term, children will develop strong saving habits, learn how to make smart purchases and learn why they can't immediately get everything they want. In the long term, we can help them avoid getting into debt. By teaching the value of saving for the future, we can put them on the road to financial security.”
As well as running initiatives such as GR8 Savers week, Bannvale Credit Union also runs primary school savings schemes, with the credit union visiting local primary schools on a regular basis to encourage students to save.
Bannvale Credit Union will be running a range of initiatives to promote GR8 Savers week. Young members and their parents are encouraged to call in to the credit union to join in the festivities. All GR8 Savers who lodge into their account between 9th & 16th May will receive a fun pack.
TOP TIPS FOR PARENTS TO HELP CHILDREN DEVELOP SMART MONEY HABITS
1. Consider rewarding children for regular saving. The amount saved isn’t critical; rather it is the savings habit which it is most important. Helping children to save small amounts on a regular basis helps to embed the habit.
2. Encourage children not to buy on impulse but to take time to consider their decision
3. Help children to identify savings goals – both short term and long term. In many cases, the concept of saving only becomes real when the child can see the rewards at the end.
4. Develop a savings plan or calendar to highlight when the goal will be achieved.
5. Give pocket money in small denominations to encourage children to put a little aside.
6. Consider linking pocket money to chores. This helps to embed the idea that money must be earned. The more effort required by the child to earn pocket money, the less likely s/he will be to squander it.
7. 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 providing a set allowance to the child.
8. Give children a piggy bank or better still, bring them down to the credit union to become a GR8 Saver.
For further information, please contact Grace at Bannvale Credit Union on 028 2582 1001.