The Catholic Parish of
Saint John Henry Newman

 Covering most of East Leeds

Teaching your children how to save.

Read 659 Times
The Credit Union Office, The Presbytery
Swarcliffe Drive, Leeds LS14 5AW
Telephone: 0776 108 1338
St. Gregory's Credit Union is authorised by the Financial Conduct Authority and regulated
by the Prudential Regulation Authority and the Financial Conduct Authority under the FRN
(Firm Reference Number) 213539
"THE CHILDREN ARE OUR FUTURE" (says the lyrics to a song)

From a recent survey that St. Gregory's Credit Union Ltd have been associated with, its main recommendation is that Parents are being urged to include Children in discussions about money matters from an early age to help give those children the best financial start.

St. Gregory's Credit Union Ltd say we should implement the following guidelines >> By helping your Children to understand HOW TO SAVE and HOW TO HANDLE MONEY will help secure their future financial security over the following years of lifelong learning.
Research from the Money Advice Service reveals a worrying lack of money skills especially amongst 12 to 17 year olds. How can this matter be addressed?

Those whose Parents decided how young people should spend their money and who DID NOT get a say in financial matters were FIVE TIMES more likely to say that BORROWING MONEY DID NOT BOTHER THEM and that they would be LESS LIKELY TO SAVE.

A dangerous precedent and route to take if they were to fall into the clutches of those unscrupulous money- lenders in the future who are lurking out in the High Streets and Back Doors of our Communities.

Children were asked what they would do if given a £100? The children whose parents INCLUDED them in money discussions would save around £65 of the £100 when compared to those children whose parents made ALL THE MONEY DECISIONS and said they would save around £50 of that sum. So there were some "green shoots" amongst them about saving.

Those children with money knowledge were also MORE LIKELY to be able to distinguish between NECESSARY SPENDING and MORE FRIVOLOUS SPENDING. This is encouraging!

The Money Advice Service thought parents might feel as though they are protecting their children by NOT TALKING about money matters. Understandable but somewhat naive!

Yet helping children to UNDERSTAND HOW TO SAVE AND HANDLE MONEY is one of the most IMPORTANT things that Parents can do to ensure their long-term financial security.

However, some 80% - 90% of Parents surveyed were keen to get involved with their children's Money Management Skills, to help youngsters LEARN about money, and believe it can impact on their child's ability to manage money in adult life. ST.GREGORY'S CREDIT UNION LTD GUIDELINES TO HELP KIDS GET MONEY SAVVY!! Give children the chance to pay for things from an early age with their own money and explain to them to pick what they want (within reason) but ONCE THE MONEY IS GONE, THERE IS NO MORE.

Introduce youngsters into discussions about Bills and how Household Finances work. Explain things like Direct Debits, Monthly & Quarterly Bills and Energy Tariffs. Make it interesting by explaining that the Energy Bill pays for the time on their Home Computer & Lighting!!

If you provide your children with pocket money encourage them to SET A LITTLE ASIDE each month to SAVE UP for things they REALLY NEED, in this way they GET THE "SAVINGS BUG" EARLY, and don't want to see themselves dipping into their Piggy Bank as they see their balance grow.

Open a Savings Account on behalf of your child at a regulated Bank or CONSIDER A JUNIOR SAVINGS ACCOUNT WITH ST.GREGORY'S CREDIT UNION LTD and try to SAVE REGULARLY. Even just a few pounds per month will help build up over the years of saving a NEST-EGG.

Get children involved in this by going with them to the Bank or THE CREDIT UNION to make deposits. Let them know how much money is in their account and ENCOURAGE them to put away some of the money they receive for Birthdays or Christmas. By getting very young children used to what money is from an early age is a GREAT WAY TO START. It gives them the chance to handle money and explain what the value of money is.
So please consider joining St. Gregory's Credit Union Ltd today AS A FAMILY GROUP being Mum & Dad, Children and/or Grandchildren, to encourage the Savings Principle and the Value of Money, no matter how small or large you can afford to Save. You will then be in control of your Family's Money Management. You will be glad that you did!!

Stephen Adkin (Director & Vice Chair) : For and on behalf of St.Gregory's Credit Union Ltd

Published Thu 20th Jul 2017 12:12:59
Last Modified on Thu 20th Jul 2017 12:14:31

Share This Page