24 September 2022
Junior Savers Week- 26th September
Junior Savers Week runs from the 26th September – 2nd October 2022
Portadown Credit Union is delighted to launch its ‘Junior Savers Week’ which will be running from the 26th September to the 2nd October. During the week, Portadown Credit Union will be running a number of initiatives to raise awareness about the importance of saving and developing positive financial habits for life.
As part of the week, Portadown Credit Union will be promoting a Junior Savers Reward Scheme. Junior Savers Sticker cards will be made available to members and each time a child lodges money into their account, a sticker will be placed on the card, once the 4 stickers have been collected and the card is complete, the child will receive £5 into their Portadown Credit Union account. We will be running this incentive up until Christmas or until our 600 stickers run out.
The sole objective of the week is to encourage and motivate children to instil positive savings habits. A huge part of the ethos at Portadown Credit Union is financial education for everyone in the community and we want to ensure that our future generations are financially educated and empowered. Supporting the local community is vitally important to us, and we are thrilled to promote our Junior Savers Week to reach as many children as we can and help them build a sound understanding of the value and importance of saving.
Opening up a credit union account for children is a simple process and we will be welcoming all new members throughout the week to enjoy the fun and pick up some great tips with help from the Junior Saver mascot Bobbi. We want to help prepare our junior savers for a positive financial future, and Portadown Credit Union will be there for them in the future, for whatever financial assistance they might need.
The Credit Union have also partnered with educational company Twinkl, to provide free, educational resources for children in primary school, called ‘Start Money Smart’ specifically focused on finance and money. All the materials are available for parents and teachers to download on Twinkl.ie.
We have put together some 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. Whenever they reach their saving goal be sure to congratulate them and continue or start a new saving goal. A reward doesn't have to be money, it can be their favourite movie and popcorn or a trip out to their favourite park.
- 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. You could encourage 75% spend and 25% save as they start out; increasing the save percentage as they go. Pocket money is a great way of teaching kids the value of money and introducing the concepts of earning and saving. Giving them a transparent piggy bank or jar so they can watch their money physically increase, is also a good idea. When you open a PCU minor account, the child will get a FREE PCU branded piggy bank!
- 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. 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. This will give them a sense of independence and responsibility.
If you are a parent/guardian, you can open a minor saving account for the child, if they’re under the age of 16.
In order to open this account, you will need:
- Child’s birth certificate
- Photographic ID of the individual opening the account
- Proof of address such as a bill or government issued document (dated within past 3 months)
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.
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