It’s never too early to learn about money!
Teaching children the simple concept of ‘if you want it, you work for it, you save for it - then you can buy it’ is so important.
It not only shows them the value of money, but it highlights the way our society works, on a fundamental level. If our kids see something they want to own, why can’t we create the same experience for them, to prepare them for later in life?
Central West Credit Union has a Pocket Rocket Savings Account, and we think it’s a great way to start this process.
Peaking their interest, getting them involved
It’s all about the community involvement.
CWCU is a big fan of our local schools. We want to help them in the education of children about money.
We come into these schools, meet with the kids and give them a little bit of an understanding into how financial institutions work, and how they will use them one day.
We believe education is an essential component towards preparing young people for the responsibilities around money, and how to manage financial decisions.
By developing good habits from a young age, they have a head start.
Our Pocket Rocket Savings Account
is designed to be a low fee, high interest way for kids to save.
There is no minimum rate for them to earn interest.
As in, some other accounts require a certain amount to be in the account before you can earn the high interest rate - not this one! No amount is too small.
It is for primary age children. This is because this account is about more than depositing money. We want to be involved in the process, so we can help the children learn - and be part of the fun!
Some of the features include:
- one account per child
- no accounting keeping fees
- primary age kids
- not linked to anything else
- free and easy deposits
Our schools are important to us
CWCU has relationships with several schools in our communities.
These kids are our future. Our staff absolutely love going in and having a chat with them.
It’s even better when we see them come in with their parents, to show us how much they have saved, and how proud they are.
The money tin and Pocket Rocket account are a team!
We believe the good ol’ money tin is still a helpful part of teaching kids to save money.
Yes, the way money is moving around these days is predominantly digital.
But - If we can get them in the cycle of seeing something they want, doing odd jobs and slowly gathering their coins - then taking them into the bank to make a deposit, this could
a) be a really exciting monthly activity for them and
b) show them the real value of hard work!
The saying ‘money doesn’t grow on trees’ may never have to be uttered to them again - because they will actually understand where it comes from.
Would you like to learn more about our school program and Pocket Rocket account?
Contact us today, or stop into your local branch (Parkes, Forbes and Cowra) - or contact your school!