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        Info Desk - High School & College Students   


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Teach Your Children Financial Independence 



Grade: F

That's the average report card 12th graders earned for financial literacy. What our youth don't know is shocking. For example, only 27% understand that interest/dividends on savings accounts may be taxable. Only 40% realize they could lose their health insurance if their parents become unemployed.*

Achieving economic prosperity is difficult. It's especially hard for young people who've never learned how to manage money. Your credit union is ideally positioned to respond because we believe in the power of education. We're here to help you launch the youth in your life toward financial independence.

Join. As a start, open a savings account for each child in your family at the credit union. As soon as your children can write, have them fill out deposit and withdrawal slips. Guide teenagers through using a debit card and balancing a checkbook.

Share. Include your children in your household finance discussions. Show them how you budget income and expenses. As their skills improve, give them challenges—such as finding a better cell-phone plan, calculating the total monthly cost of owning a car, or sticking to a budget with back-to-school or holiday spending.

Coach. Remind your children to ask for help when they need it. And turn to your credit union when you want help. Our tradition of service and philosophy of self-help make My Credit Union and all credit unions a natural partner in pursuing financial security.

We're here to help. For more information, contact us at 888-USE-MYCU.

*2008 Survey of Personal Financial Literacy Among High School Students, The Jump$tart Coalition® for Personal Financial Literacy

Copyright 2010 Credit Union National Association Inc. Information subject to change without notice.

Sharpen Your Savings Skils

Just like playing a sport, learning to save money takes practice. By saving, you can put your money toward whatever is important to you—whether that's a new video game, a trip to the movies, or even a college education.

Here's how to get in the savings game:

Elementary school:
- Ask your parents to help you open your own savings account at the credit union. Keep track of how much money you put in and take out to see how close you are to meeting your savings goal.
- If you're saving up for something special, like a new bike or toy, hang a picture of it on the wall. This will remind you of your savings goal every day until you reach it.

Middle school:
- Ask your parents if you can plan a family event, like a trip to the zoo or an afternoon at a waterpark. List all the things that will cost money, like tickets, food, and souvenirs. Set a budget, and encourage everyone to stick to it when the big day arrives.
- Make a list of things you want to spend your money on. Put the list in order, starting with the things you want the most. This will help you figure out what you really want to save for.

High school:
- Consider taking a part-time job. Earning your own money can help you save for big goals, like college expenses.
- Talk to your parents about opening a checking account at the credit union. Learning how to use a debit card responsibly and balance your checkbook is good money-management practice.

Join us this year as we celebrate National Credit Union Youth Week from April 18-24. Our theme for 2010 is "Get in the Savings Game." Stop into My Credit Union for more great savings ideas.

Copyright 2010 Credit Union National Association Inc. Information subject to change without notice. 

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