TTCU will organize the “Save small, dream big!” contest to make saving fun for kids at the Claremore branch in April.
One in two children in the United States has a savings account, according to a recent study by Statistica. TTCU wants to encourage kids to start saving early, especially since research also shows that kids who have money in savings for college are three times more likely to attend than kids who don’t. not. In honor of National Credit Union’s Youth Savings Month, TTCU plans to give $100 to a randomly selected child under 18 who made two deposits totaling $25 or more in April at the branch. of Claremore. The winner will be notified by May 31 and will receive a $100 deposit into their savings account.
“For more than 70% of parents who already regularly talk about money with their children, Youth Savings Month is the perfect opportunity to make saving fun,” said the President and CEO of TTCU, Tim Lyons. “For those who don’t, it provides an easy way to start those conversations and set your child up for future success.”
How to save money is the financial topic kids wanted to know the most about, according to the 2021 T. Row Price Survey of Parents, Kids and Money. Children as young as 3 to 5 years old can learn about delayed gratification by saving up for a bigger item.
“For young children, I recommend an old-fashioned piggy bank,” said Liz Stidham, senior vice president and director of branches at the TTCU. “They can watch the bank fill up. Then, when it fills up, the parent can set a reward by opening an account at the credit union and getting ice cream. If the parent calls us in advance, we can make a big deal out of it for the child.
For teens, this is a great time to work on long-term goals and see the dividends the savings account pays.
“Set a goal like a bike, car, or school and set the amount needed to reach that goal,” Stidham said. “Then they can work out approximately how long it will take them to reach their financial goal. After all, it’s about dreaming big!