Youth Month

April is National Credit Union Youth Month, so we wanted to take a moment to highlight the importance of spending the time and energy to make sure your kids have some basic knowledge about money.

Did you know:

–      From 2004 to 2009, the median credit card debt among college students increased 74%

–      A report on the results of a financial literacy exam found that high school seniors scored on average 48% correct

–      A survey of 15-year-olds in the United States found that 18% of respondents did not learn fundamental financial skills that are often applied in everyday situations, such as building a simple budget, comparison shopping, and understanding an invoice.

With such a staggering lack of knowledge of basic finance, it’s easy for kids to grow up and fall victim to scams, high-interest-rate loans from predatory lenders, and a debt load that becomes enormous.

So at what age is it right to start teaching your kids good financial habits? The short answer is right now. By age 3, your kids can grasp basic money concepts. By age 7, many of their money habits are already set. No matter their age, let’s take this opportunity during National Credit Union Youth Month to start.

At Old Ocean Federal Credit Union, it is never too early to learn the importance of saving money and developing healthy money habits.