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In today's world, instilling financial literacy knowledge and skills in children is crucial for their future financial well-being. Among the various methods of teaching financial skills, opening a youth savings account for your child is a particularly effective tool for teaching lessons on saving, budgeting, and understanding the value of money.
Early exposure to financial responsibility cultivates healthy financial habits.
Financial literacy skills are taught, including understanding interest, budgeting, and setting saving goals.
Increased responsibility, independence, and accountability are instilled.
Get the Most out of a US Eagle Youth Savings Account
You can open a US Eagle kids savings account for any child under the age of 12, and that then transitions to a teen savings account when your child turns 13.
US Eagle youth savings accounts come with no fees and allow parents to monitor account activity. Here's how to make the most of it:
Involve your child in the process by explaining the purpose, options, and encouraging ownership.
Set clear, realistic goals that can be tracked using our Digital Banking app.
Encourage regular deposits to instill the habit of saving.
Regularly review account statements to reinforce financial understanding.
Open a youth savings account by visiting any branch or calling 888.342.8766
Keeping Financial Literacy Fun and Engaging
Keep your child engaged in learning financial literacy skills with these methods:
Use real-life examples, such as shopping, to illustrate financial principles.
Long-Term Benefits
Building these habits early leads to long-term benefits such as:
Making informed financial decisions.
Avoiding debt through sound financial management.
Building wealth and achieving long-term financial stability.
Youth savings accounts are powerful tools for teaching financial responsibility. By involving kids, setting clear goals, and providing consistent guidance, parents empower their children for financial success. These early lessons lay the foundation for a lifetime of financial well-being. Start today and watch your child grow into a financially savvy adult.
Feeling like you could use a refresher course in financial literacy?
Check out EverFi for bite-sized modules to help you learn financial skills for all areas of life. Or visit FindYourBalance.org for more resources.
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It’s Important to Keep Your Contact Information Updated. Here’s why.
Keeping your contact information up to date with your financial provider is an important and highly recommended habit. Correct information helps to ensure you receive important account notifications and could also help to prevent fraud.
While we offer this link for your convenience, please note that we are not responsible for the content provided by third-party websites. We encourage you to review the policies of any website prior to sharing personal information to ensure privacy and security. Any products or services accessed through this link are not provided by, endorsed or guaranteed by US Eagle Federal Credit Union.
