We are delighted to announce Junior Savers Week is coming up 25th September – 1st October 2023. The aim of Junior Savers Week is to encourage children to save while bringing some fun to the week with activity sheet, prizes and more.
This Junior Savers Week we are inviting in anyone under the age of 12 to open up their very own savings account with Waterford Credit Union.
As a matter of fact, savings can teach kids some valuable lessons from a very young age. Teaching kids to save for what they want to purchase will prepare them for life as they get older. Consequently, they will learn the value of money while striving to achieve their saving goals.
As part of the week, Waterford Credit Union will be promoting a Junior Savers Reward Scheme. Additionally, Junior Savers Sticker cards will be made available to members who open their savings account. Each time a child lodges money into their account, a sticker will be placed on the card. A reward will then be given if they complete the card.
Opening up an account with Waterford Credit Union is a simple process that your children will thoroughly enjoy. They will be greeted with a friendly face by our kind and professional staff who can help them build an understanding of the value of saving.
The Credit Union have also partnered with educational company Twinkl, to provide free, educational resources for children in primary school, called ‘Start Money Smart’ specifically focused on finance and money. All the materials are available for parents and teachers to download on Twinkl.ie.
The Irish League of Credit Unions have put together some of their top tips for teaching children how to develop a healthy and responsible attitude to money.
- Consider rewarding children for regular saving. Don’t focus on the amount saved, but the fact that they are developing a savings habit. Supporting and rewarding them to save even very small amounts on a regular basis will help to imbed the habit.
- Help decide on a savings goal. They will find it much easier to save regularly when they are saving towards something they really 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 that 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 so they can watch their money 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 earn their money, the less likely they will be to spend on impulse or all at once.
- If pocket money and allowances run out at an early stage, 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 own account in Waterford Credit Union. This will give them a sense of independence and responsibility.