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Teach Your Children Financial Independence

Teach Your Children Financial Independence- Parents standing with their two daughters

Are your kids on the right track to financial independence?

For many of today’s young adults, the weakest link lies in learning the basics. According to a 2015 survey conducted by Harris Poll on behalf of Junior Achievement USA , the number of teens who think their parents don’t spend enough time talking to them about managing money significantly rose (21 percent in 2014 to 32 percent in 2015). It’s more important than every to teach your children financial independence.

Achieving economic prosperity is difficult, and it’s especially hard for young people who’ve never learned how to manage money.

The Power Of Education

Your credit union is ideally positioned to respond because we believe in the power of education. Mid Oregon is here to help you launch the youth in your life toward financial independence, and here’s how:

Join. For starters, open a Mid Oregon savings account for each child in your family. As soon as your children can write, have them write their deposits and withdrawals in their savings book. Guide teenagers through using a debit card and tracking transactions.

Share. Include your children in household money 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 for 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 Mid Oregon Credit Union and all credit unions a natural partner in pursuing financial security.

We’re here to help. For more information, contact us at (541) 382-1795 or visit one of our five (soon to be six!) Central Oregon branches.

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