Building Financial Skills for the Future
Research shows that students who receive financial literacy training tend to have higher credit scores, lower levels of loan delinquency, and better saving habits. To help parents educate their children on the proper handling of money, MC Federal provides services that both teach financial principles and give students practical experience. In addition children with youth accounts can learn the following skills:
Learn about goals. Setting and achieving goals is an important life skill. Saving money for the goal of being able to afford something like a new toy is a positive way to work on these skills and lessons.
Learn financial basics. Saving for a financial goal also instructs kids about the basics of income, expenses, and value. If a child begins saving for something but sees how much time and effort it will take to earn and save enough money to purchase the item, they might rethink their goal. This will teach them to think critically about what to spend money on and if it’s worth the cost. This will also tie into the important lesson of wants vs needs. The value of money, as in cash or in an account, is an important lesson to learn at an early age, particularly when many kids observe adults using debit/credit cards and don’t see an obvious exchange of money.
Learn responsibility. A saving or checking ledger will directly reflect a child’s contributions and deposits as well as withdrawals and will help teach responsibility for their actions. This will also teach a valuable lesson of decisions and consequences. If they don’t regularly contribute to their account or resist spending, they will never reach their savings goals! This is also a chance for children to feel a sense of fulfillment and pride when they reach their saving goal. These positive feelings will help reinforce proper savings and spending habits.
With these skills firmly in hand, your student will be prepared to face the financial challenges of saving for college and responsibly managing debt. MC Federal can provide help in both of these areas through our Scholarship Program, which awards up to $1000 to matriculating seniors, and SMART Option Student Loans with competitively low interest rates.
April Is National Credit Union Youth Month
Every April, credit unions across the country come together and focus on educating youth about financial health. Join us all month long as we celebrate our youth members. Check Back for more information on our next Credit Union Youth Month celebration!
Join us all April long as we celebrate Credit Union Youth Month. MC Federal Credit Union has the tools to help our Super Savers achieve their goals and fulfil their dreams. With a youth savings account that earns compound dividends, young members can deposit small amounts on a regular basis and watch their savings grow. The earlier kids start a savings account, the more it will grow, and the easier it will be to achieve their dreams. Learning this savings superpower at a young age will set them up on the path of successful financial well-being.
There are several ways that you can join us in celebrating our Super Savers:
- Grow your savings account! The first ten new or existing youth members who make a deposit in their youth account at a participating branch will receive a Marvel Comic Book.1
- Visit our branches. Pick up free Youth Month giveaways and fun activities!2
- Open a Youth Membership. New MC Federal Youth Members will be eligible for a $5 opening deposit match!3
If you have been wondering how to empower your kids to save for their future, Credit Union Youth Month is a great opportunity to start! This celebration is a fantastic time to engage kids at MC Federal Credit Union and within your community to help them learn the superpower of saving!
Offers valid April 1st – April 30th, 2024. MC Federal Credit Union programs, rates, terms and conditions are subject to change at any time without notice. 1In order to receive a free Marvel Comic Book you must be one of the first ten members under the age of 18 to visit a participating branch and make a minimum $5 deposit into a youth savings account. Participating branches are Danville, Bloomsburg, Lewisburg and Mount Carmel. Only one comic per member. 2Giveaways are only available at our participating branches while supplies last. 3New Youth Membership required. One credit per youth membership. Not all membership applicants may qualify. Must open account with a minimum opening deposit of $5 to be eligible for credit. $5 credit will be applied directly to youth account at the time of account opening and funding.
