Child saves money for his youth savings account

Teaching your child money management skills can set them up for lifelong financial success. A youth savings account can teach your child how to save and manage money, in addition to other financial literacy skills.

Read on to learn more about youth savings accounts.

What Is a Youth Savings Account?

A youth savings account is a deposit account specifically designed for young people to promote financial literacy at an early age. Some youth savings accounts even offer educational resources such as apps, games, videos, and other activities to make learning about money more engaging.

Credit union members aged 12-18 can open youth savings accounts that are geared toward achieving financial independence. Like savings accounts designed for younger members, youth savings accounts for young adults can help teach healthy money habits through interactive activities and informational content.

What Are the Benefits of Youth Savings Accounts?

Youth savings accounts can help teach your child important money skills such as budgeting and saving, especially if the account offers additional educational games and activities. Learning practical financial skills starting at a young age can help set your child up for success later in life.

With a youth savings account, your child can learn key skills such as:

  • How to budget to meet a goal
  • Balancing needs vs. wants
  • Smart spending skills
  • How to save money

By opening a youth savings account for your child, you can kickstart a conversation about the importance of money. This can help lay a solid foundation for families to discuss finances together. Plus, your child can watch their hard-earned savings grow as they earn dividends on their account balance.

Learning Money Management Skills for Life

Youth savings accounts offer a hands-on way to teach kids about the importance and value of money. For teens, having a savings account of their own can help them get started on the journey to financial independence. No matter your child’s age, a youth savings account can help them learn lifelong money management skills.

If you’re interested in opening a youth savings account for your child, check out GLCU’s Money Mammals® accounts. These accounts are designed for credit union members ages 0-11 years old, and include resources such as games, videos, books, apps, and more through the Saving Money Is Fun Kids Club. At GLCU, your child can start earning dividends on their savings with just a $1 deposit.

We also offer Adolescent$ accounts for youth aged 12-18. Adolescent$ account holders also gain access to videos, blogs, and other content. Account holders who are 15 years and older can open their own checking accounts (with their parent or guardian’s permission) to learn about money management firsthand. Adolescent$ account holders also have access to free digital banking services, as well as bill pay.

The information in this post is for educational and informational purposes only and does not constitute investment advice. You should consult a licensed financial advisor before investing in any financial product or service.

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