Arizona Federal Credit Union Promotes â€˜Gift of Savingsâ€™ to Boost Youth Financial Literacy
By Brian O'Malley -
Wednesday Nov 25, 2020
Holiday decorations are going up, the weather is cooling down and Black Friday is just around the corner, so for many itâ€™s time to start thinking of gifts for family. For parents and grandparents looking for a unique and lasting gift, Arizona Federal Credit Union is promoting the gift of savings and the availability of their youth and teen savings accounts as a way to start kids off on the path to good money management.
Appointments are now available at 14 local branches across the Phoenix Metro area to open youth savings accounts with no opening deposit requirements and no monthly service fees. A youth savings or checking account has proven to be a good fit at any age, opening opportunities to learn about saving, spending and investing.
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€ said Jason Paprocki, chief operating officer 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 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 their college education.â€
Research shows the money habits children develop early on in life directly influences their financial behaviors as adults. Starting in preschool and continuing well into young adulthood, parents and grandparents are the primary influence on a childâ€™s attitudes about money and overall financial literacy. And with the signing of SB 1184 in 2019, Arizona high school students are now required to take financial literacy courses to graduate.
From preschoolers learning basic concepts about money, such as the difference between needs and wants, to teens building their financial literacy by budgeting, a savings account can provide practical lessons for every age group. Teens can increase their financial savvy with options for checking accounts, understanding how credit cards work and the importance of a good credit score.
â€œThe digitization of currency has created an environment where money loses value in the eyes of children, and adults,â€ said Paprocki. â€œA savings account can be that springboard to a bigger conversation about financial responsibility, budgeting and management of credit. All lessons that can set your child or grandchild on a path to success.â€
Youth savings accounts at Arizona Federal Credit Union include: $0 opening deposit requirements, no monthly service fees, and free mobile and online access. There are also options for enrollment in Paw Squad and Club Rising clubs for children with special interests in animals or sports.