Arizona Federal Credit Union ‘Gift of Savings’ Initiative Promotes Youth Financial Literacy
By Brian O'Malley -
Wednesday Dec 01, 2021
In the season that promotes finding the “perfect” 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 Union’s “Gift of Savings” 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.
“One 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,” says Rachel Galvez, community partnerships manager at Arizona Federal. “By tying the opening of a savings or checking account to a child’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.”
From preschoolers learning basic concepts about money, such as the difference between “needs” and “wants”, 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.
“The digitization of currency has created an environment where money becomes more intangible,” says Galvez. “A 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.”
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 Federal’s 16 locations across the Valley.