Arizona Federal Credit Union â€˜Gift of Savingsâ€™ Initiative Promotes Youth Financial Literacy
By Brian O'Malley -
Wednesday Dec 01, 2021
In the season that promotes finding the â€œperfectâ€ gift, what could be better than giving a child in your life a gift that will grow with them and continue to benefit them their whole lives? It is with this in mind that Arizona Federal Credit Unionâ€™s â€œGift of Savingsâ€ initiative was created to streamline opening a youth savings account this holiday season. When a new youth or teen account is opened, Arizona Federal will contribute $5 as a starter deposit and receive a free piggy bank so that physical gift can accompany the gift of savings.
â€œOne of the most valuable, practical and long-lasting gifts you can give a child or grandchild is a head start in building a solid financial foundation,â€ says Rachel Galvez, community partnerships manager at Arizona Federal. â€œBy tying the opening of a savings or checking account to a childâ€™s holiday gift, and contributing a starter amount, it automatically becomes a significant event. It also provides an immediate opportunity to start teaching them about saving for that special toy, their first car, or even college education.â€
From preschoolers learning basic concepts about money, such as the difference between â€œneedsâ€ and â€œwantsâ€, to tweens building their financial literacy by budgeting, a savings account provides practical lessons for every age group. Teens can increase their financial savvy with options for checking accounts and understanding how credit cards work and the importance of a good credit score.
â€œThe digitization of currency has created an environment where money becomes more intangible,â€ says Galvez. â€œA savings account can be that springboard to a bigger conversation about financial responsibility, budgeting and management of credit. And for little ones, the piggy bank can act as a fun activity to decorate while giving them a tangible reminder of their savings goals.â€
Youth savings accounts at Arizona Federal Credit union include: $0 opening deposit requirements, no monthly service fees, and free mobile and online access. Accounts can be opened at any of Arizona Federalâ€™s 16 locations across the Valley.