Young People Encouraged to 'Pay Themselves,' Start Saving Early
Thursday, April 8, 2021
SEATTLE -- In April, credit unions are highlighting the importance of starting financial education early.
This month is Credit Union Youth Month, and the financial institutions are offering resources for young people on building healthy money habits.
Kathleen Schilb, community engagement manager for the Spokane-based Horizon Credit Union, which has branches in the Northwest, including 12 in Washington, said many adults struggle to save enough for their future.
"It's really important to us to make sure that we start working with youths when they're under the age of 18 and just help promote the whole concept of paying yourself first," Schilb urged. "And before you start spending, to always think about saving 15% or 20% for your future self."
A recent report from ECONorthwest showed Washington credit unions provided financial education to 100,000 students in 2019. It also found there are $200 million saved in children's savings accounts in the state.
Schilb noted one effective way to teach youths about managing their money is for parents or caregivers to bring them along when opening up accounts for them.
"Having the child with you really makes a big impact and really helps a child understand how important this is for saving for their future," Schilb recommended.
Horizon Credit Union and other institutions are holding a "Financial Literacy Bee" through April 15, where high school students who complete a short course online and write an essay on it are entered to win a $10,000 scholarship.
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