25 September 2023

Junior Savers Week 2023

PORTADOWN CREDIT UNION LAUNCHES JUNIOR SAVERS WEEK

Junior Savers Week runs from the 25th September – 1st October, and Portadown Credit Union is encouraging children in Portadown to start saving with their local credit union!

The credit union launches its Junior Savers Week 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!

Speaking about the Junior Savers Week initiative, Paula Larkin, Manager of Portadown Credit Union said: “A huge part of our ethos at Portadown 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!”

Paula continued: “Opening up a credit union account for children is a simple process and we will be welcoming all new junior saver members throughout the week and beyond. For children, saving money in a credit union is a real benefit and also teaches them the value of credit unions which are run by the community, for the community. Our junior savers are the future, and we will always be there for them in the future, for whatever financial assistance they might need, be it college, a new car, a holiday or their wedding day.”

Portadown 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 saving. 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 saving 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. Portadown Credit Union personally issue a piggy bank to all minor accounts opened*.
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 Portadown Credit Union. This will give them a sense of independence and responsibility.

To open a minor account (under 16 years of age) at Portadown Credit Union, a parent or guardian can pop into the office with the following:

Child’s birth certificate
Photographic ID of the individual opening the account
Proof of address (physical proof e.g. utility bill)

Minor accounts can only be open in office and they will mature into adult accounts when the child reaches the age of 16. At this time, the 16 year old will have sole access to the account and the money held in it.