TIPPERARY CREDIT UNION LAUNCHES JUNIOR SAVERS WEEK
Junior Savers Week runs from the 5th – 11th October 2020
Tipperary Credit Union is encouraging children in Tipperary and Limerick to start saving with their local credit union! The credit union launches its ‘Junior Savers Week’ this week (October 5th – 11th) which aims to encourage the importance of saving for the future.
Research shows that how we behave around money as adults is learned early on from our parents. Implementing good money habits for children early on helps them understand the importance of financial responsibility. So, it is never too early for children to start learning prudent financial behaviour!
Beanie Savings Club
Tipperary Credit Union’s Youth Savings Club is led by our Mascot Beanie and is designed for our younger members. The savings club helps to introduce the credit
union to children at an early age and also teaches and encourages them to save.
On joining Tipperary Credit Union our Beanie saver receives their own Beanie Membership Book and a Beanie Piggy Bank. Beanie Club members will receive on their Birthday their very own Beanie Birthday Card.
New Babies Account:
Tipperary Credit Union Beanie Savings Accounts opened for new babies will receive a €10 starting off gift from Tipperary Credit Union. (Note: This €10 cannot be withdrawn until the member turns 16).
Speaking about the Junior Savers Week initiative, Pat Shanahan CEO Tipperary Credit Union said: “A huge part of our ethos at Tipperary Credit Union is financial education for everyone in our community. We want to ensure that our future generations are financially educated and empowered. Teaching children the value of money is a real benefit to them in the future and habits learned from an early age last a lifetime. We want to encourage the development of a regular savings habit during Junior Savers Week and want to encourage all children to join us here at the credit union and open their very first savings account!”
Tipperary Credit Union has also 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 savings. 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 savings 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 Tipperary Credit Union. This will give them a sense of independence and responsibility.
For further information on what is required to open an account for a juvenile here Click Here