Teaching Your Children Financial Independence
Are your kids on the right track to financial independence?
For many of today’s young adults, the weakest link lies in learning the basics. Only 35% of teens know how to balance a checkbook or manage credit cards. During the past five years, a decline in overall financial knowledge is especially pronounced among 18-year-olds, and 13% fewer teens have bank accounts.*
Achieving economic prosperity is difficult. It’s especially hard for young people who’ve never learned how to manage money. Legacy Credit Union is ideally positioned to respond because we believe in the power of education. We’re here to help you launch the youth in your life toward financial independence.
As a start, open a savings account for each child in your family at Legacy. As soon as your children can write, have them fill out deposit and withdrawal slips. Guide teenagers through using a debit card and balancing a checkbook.
Include your children in your household finance discussions. Show them how you budget income and expenses. As their skills improve, give them challenges—such as finding a better cellphone plan, calculating the total monthly cost of owning a car, or sticking to a budget with back-to-school or holiday spending.
Remind your children to ask for help when they need it. And turn to Legacy when you want help. Our tradition of service and philosophy of self-help make Legacy Credit Union and all credit unions a natural partner in pursuing financial security.
We’re here to help. For more information, contact Legacy at (205) 933-9933.
*2011 Teens and Money Survey, Charles Schwab
Copyright 2013 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.