America Saves Week Infographic

In this post, we are sharing a great infographic released by the National Credit Union Association for America Saves Week, happening from February 26 – March 3rd.

You can look over the infographic, as well as how Spirit of Alaska is involved in the community through financial education, and savings products for our members.

 

Empowering Youth to Save Infographic by NCUA. Infographic text included in blog post below.

Empowering Youth to Save

Saving leads to Long-Term financial success. 7.6 million children live in households that do not have a bank or credit union account. Studies show that financial account experience, combined with financial education at an early age can shape a young person’s habits in a way that can last for a lifetime (1).

Did you know?

Studies show U.S. youth struggle with understanding financial concepts and applying them to real-life financial situations (5).

Developing healthy financial habits early

Long-term healthy money habits begin to develop in childhood, as early as preschool (2).

Creating opportunities to save regularly

Access to financial education programs and savings accounts provides opportunities to develop positive long-term financial behaviors (3).

Taking a hands-on approach

Students who at an early age participate in financial education programs that include real-world financial experiences are more likely to develop positive attitudes about money (3).

Benefits beyond money

Children with savings have greater expectations for education beyond high school (4).

Start a Youth Savings Account Today at Spirit of Alaska! Here’s why:

Spirit of Alaska waives any savings account maintenance fees for minor members! Also, current Spirit of Alaska member parents can open a new savings account for their kids, no membership fee required.

We offer simple savings accounts for youth and adults, with either access to electronic statements or paper statements. See our fee schedule.

Financial education and hands-on savings account experience at an early age can increase opportunities for financial success. Credit unions federally insured by the National Credit Union Administration (NCUA) offer a safe place for you to save your money, with deposits insured up to $250,000 per individual depositor

We have great savings account options for adults too!

For larger balances, a Money Market Account is a good choice. Savings Certificates will help you earn higher interest rates, and keep you from spending money earmarked for savings purposes with a certificate ladder.

 

 

Approaches to Youth Savings and Financial Education Infographic - see infographic information below.

Approaches to Youth Savings and Financial Education

Youth savings and financial education programs can help reinforce positive behaviors that can help young people become financially capable adults (6).

In-School Branches

Student-run credit union or bank branches inside schools that offer students basic savings accounts. Did you know that Spirit of Alaska ran school branches at the University of Alaska Fairbanks, as well as Lathrop High School, North Pole High School and Ben Eielson High School for a time?

Classroom Presentations and Workshops

Classroom activities and lessons focused on healthy financial habits.

  • Saving & Spending
  • Credit & Debit
  • Employment & Income

Spirit of Alaska currently sponsors Banzai! financial education software in some of our local Fairbanks schools. Find out more about our Banzai! partnership.

Lessons Learned At Home

Children learn from watching parents or caregivers earn, shop, save and borrow. Parents can talk to children about creating positive money habits and can reinforce lessons learned at school through at-home activities such as saving money in piggy banks, making spending choices (real or pretend) and playing interactive games together.

For every youth account opened at Spirit of Alaska, the new member receives a fun bear bank to start saving.

Reality Fairs

Reality Fairs simulate the “real world” with a hands-on, interactive approach to learning. Participants choose a career path and receive a corresponding salary which they must then use to balance a budget while making simulated real-world financial decisions (e.g. buying or leasing a car, life insurance, owning or renting a home)

Spirit of Alaska regularly volunteers for any Reality Fairs happening here in Fairbanks!

Youth Employment Programs

Receiving a first paycheck is the perfect opportunity to learn about money management. This teachable moment can include personal finance concepts such as automatic savings, budgeting and avoiding money mistakes.

Community-Led Savings Programs

State and local governments, as well as non-profit organizations, help youth save for post-secondary education through youth savings programs, such as 529 Plans (education savings accounts) or school district-wide savings opportunities.

 

Sources & Free Resources

Many of the sources listed below are courtesy of Financial Literacy and Education Commission members. www.mymoney.gov

  1. FDIC National Survey of Unbanked and Underbanked households (2015) – Federal Deposit Insurance Corporation
  2. Youth Personal Finance Pedagogy (2016) – Consumer Finance Protection Bureau
  3. Assessing Financial Capability Outcomes (AFCO) Youth Pilot (2014) – U.S. Department of the Treasury
  4. Scholarly Research on Children’s Savings Accounts (2014) – Prosperity Now
  5. Programme for International Student Assessment (2015) – Organization for Economic Co-operation Development.
  6. Linking Youth Savings with Financial Education: Lessons from the FDIC Pilot (2017)
  7. Online Resources
    NCUA.gov: https://ncua.gov/consumers/Pages/financial-literacy-resources.aspx
    Money Smart: https://fdic.gov/moneysmart
    Money As You Grow: https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/
    MyMoney.gov: https://www.mymoney.gov

Infographics provided by:

National Credit Union Administration | Office of Consumer Financial Protection | 800-755-1030 | mycreditunion.gov

 


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