CREDIT UNIONS SAY IT’S IMPORTANT FOR PARENTS TO TALK TO THEIR CHILDREN ABOUT BEING SENSIBLE ABOUT MONEY

Credit Unions are calling on parents to spend some time this week (11th -17th May) talking to their children about being sensible with money and why it’s important to save for a rainy day.

The call comes as the Irish League of Credit Unions launches its annual National GR8 Savers Week.

The initiative aims to highlight the need to help children develop a healthy attitude to money and underlines the important role that parents can play in assisting children to develop a savings habit.

GR8 Savers week will run from the Monday 11h – 17th May in credit unions throughout the country.

A 2015 Teens & Money survey undertaken by the ILCU showed that 7 in 10 teens receive pocket money from their parents; of these, 74% receive it on a weekly basis with 18% of teens receiving more pocket money than 12 months ago. 75% save approx. a third of their pocket money with 51% saving with their local credit union. 45% say they are saving money to buy a new phone /or computer,

With the majority of children receiving pocket money it has never been so important that parents play a role in assisting children to develop a savings habit.

There is great potential here to further develop the idea of educating children to be sensible with money.

Your local credit union together with parents and teachers from the local community can play a big role in this regard.

Commenting on the initiative, Brian McCrory ILCU President said: “It has never been more important to provide a solid financial education to our young people. A healthy attitude to money is crucial to ensure that children don’t develop bad habits when it comes to money management.”

He said: “If money skills are learned at an early stage, it is likely that they will stay with you for life. The benefits of teaching children about money early on are both immediate and long term. “

He added that In the short term, they may develop strong saving habits, learn how to make smart purchases and learn why they can’t immediately get everything they want.

“In the long term, we can help them avoid getting into debt. And by teaching the value of saving for the future, you can put them on the road to financial security,” he said.

He added: “Credit Unions want to help parents give their children a solid financial education from a young age. I would invite any member of the community to call into their local credit union to join in the fun and activity. We are a not for profit organisation offering fair and affordable financial services locally with your best interests at heart.”