As a Nationally Certified Credit Counselor here at Pelican, I believe that children are never too young to learn about finances. Proper money management is one of the most important lessons you can teach children because it sets a solid foundation for their future financial success.
The best place to start when teaching your children about finances is by opening them a youth savings account!
Here’s a look at all of the benefits that come with opening a youth savings account for your children:
It creates a fun and educational experience.
Children will become more familiar with financial institutions as they deposit or withdraw from their account. Having a savings account of their own can help your child learn how to use their money responsibly.
It teaches the value of money.
We’ve all likely heard the saying, “Money does not grow on trees—it is earned.” Learning the value of money and the importance of saving helps to avoid instant gratification. This is an important lesson that can be learned through saving and budgeting.
It encourages kids to set financial goals.
Saving money to buy something like a new toy, game, or cell phone is an excellent way to teach kids about setting financial goals!
This will help them learn how to plan ahead and save for things they want, but only until they can afford it. They will be able to watch their savings grow over time and reap the amazing reward of their goal in the end!
It establishes a financial path.
A youth savings account is an important step to becoming responsible with your money as you enter adulthood. It helps you gain full control of your spending, get a better understanding of your wants/needs, and learn how to save for the future.
Establishing these healthy habits early will lead to greater peace of mind and confidence on your financial journey.
Our credit counselors can also teach financial wellness at your child’s school!Learn more about our youth financial education programs for Louisiana classrooms!
Now that we’ve learned about some of the benefits that come with a youth savings account, let’s talk a little about what youth accounts Pelican offers:
Team Pelican Youth Accounts
Members often ask me, “Does Pelican offer a savings account for my kid?” My answer is always, “Absolutely!” One of my favorite things about Pelican membership is the fact that we offer our very own youth savings account.
A Team Pelican Youth Account is exclusively available to Pelican members 17 years old and younger. This account gives your child access to an array of incredible features such as:
- No monthly service fee
- Quarterly dividends
- Cash for good grades*
- $1,000 scholarship eligibility for high school seniors
- 24/7 mobile and online banking access
Teen Checking Accounts
In addition to all of the great benefits that come with having a Team Pelican Youth Account, your teen will also have access to a Teen Checking account!
Our Teen Checking account is a great opportunity to prepare your teen for successful money management in the “real world.” It’s another step in building a lifelong relationship with a financial institution.
Teens can watch their money grow with this account, and as they grow, so do their account options.
Teen Checking Best PracticesWe’ve put together a list of guidelines and tips that can help your teen manage their Teen Checking account!
Our Nationally Certified Credit Counselors teach financial wellness to members all across the state and equip them with the tools to make better, more financially sound decisions.
Visit our website for more information on FREE credit counseling!
*Pelican State CU membership eligibility required. Adult 18 years old or older must be a joint account holder on child’s Team Pelican youth savings account. Joint account holder must provide a form of identification for the child, such as a birth certificate or Social Security card, to open account. Highest attainable grade on report card pertains to each individual report card’s grading scale. Only the student’s most recent report card is accepted. Maximum of $10.00 per report card. Copy of official report card required. Team Pelican savings accounts are federally insured by NCUA.
Deeply intrigued with all things finance and credit-related. Have a passion for sharing knowledge and financial education. Addicted to cake. Huge fan of Team Johnson, my family.