Financial planners stress that it is important for children to learn the value of money and responsible banking. In fact, many experts encourage parents to open a bank account for their children as soon as possible and to actively involve them in the management of their money – whether it is an allowance or birthday cheque from their grandparents. The Canadian Bankers Association states: “Parents play a big role in the financial education of their children.” Yet in a survey by the Bankers Association, only 52 per cent of parents said their children are doing a good job of saving for their future. And, only 58 per cent of teenagers described their financial skills as “good.”
The Education Credit Union, based in the Region of Waterloo, can help. A full-service financial institution that has three branches located inKitchener,Waterlooand Galt, the Education Credit Union offers a number of financial services for children and youth. These include accounts for credit union members under age 17, free banking – meaning no fees charged on accounts or at Automatic Teller Machines (ATMs) – a specially designed website that is geared towards children and teenagers, a youth newsletter with insightful tips and information that is published twice a year and a gift when a new child or youth account is opened.
The financial services provided by the Education Credit Union to children and youth make learning how o save and manage money fun and interesting. All services have been designed to provide convenience and ease of use for members. Children and youth can also take advantage of the latest technology through online and mobile banking systems. Cutting edge technology, combined with a personal approach to doing business, is what makes the Education Credit Union a truly unique financial institution. To learn more about how the Education Credit Union can help children and youth learn the value of money and responsible banking, please go to: .