IQ Credit Union has taken Financial Literacy Month in April, which started in 2004, as an opportunity to expose young people to banking.
The credit union, which has branches in North Clark County, features options for youth banking for those who are 17 and younger and also includes a young explorers account available for those 12 and younger.
Tim Walley, the education manager for IQ Credit Union, said it’s important for kids to learn about saving money whether it’s through the use of a piggy bank or an account at a financial institution.
Students as young as kindergarten and first grade are already learning the basics of money as they discover what coins and bills are, Walley said. That knowledge continues to build both at home and in school as kids watch what their parents do with their money and learn math in the classroom.
He encouraged parents and educators to teach kids so they understand the difference between needs and wants, and also the importance of cash transactions. A simple way to do that is by running scenarios with kids.
“So if you have $20 and your toy costs $15.50, what’s the difference?,” Walley asked. “How much do you get back?”
Once students reach middle school, Walley said it’s important to teach the concepts of budgeting or even earning money through things like chores. Building those small financial habits can help students set goals and create a savings plan.
Once the students reach high school, they should start to build a foundation of information by touching on topics like banking, budgeting, credit, investing and insurance, Walley said.
“(You can) hopefully kind of start laying down those groundworks for the concepts,” Walley said. “I would say those are the biggest areas where people are looking at in terms of setting good financial habits and just getting those foundations.”
Setting up a youth bank account can help familiarize kids with the world of banking. It helps build a relationship and understanding of how a bank works, what it means to make a deposit or withdraw, or what the person at the front desk can help someone with, Walley said.
IQ Credit Union’s young explorers account is available to kids up to the age of 12. It includes financial subscription education boxes which allow the children to make deposits so they can earn new activities. Each deposit qualifies the young explorer for another box. As the kid builds their relationship with the bank, Walley said they also learn about finances through the provided activities.
For older students between the ages of 7 and 14 IQ Credit Union has a CashCamp app, which provides education on financial literacy while connecting to their accounts.
“CashCamp provides an introduction to all aspects of finance: saving, budgeting and lending,” stated a news release. “The app provides easy-to-use tools to help kids make the most of their account, including easy transfers with their parents, setting up savings goals, making a budget and taking out loans from their parents. Plus, the app gamifies saving money by letting kids earn trophies for hitting their savings goals, and lets kids compete on leaderboards with their siblings to see who can save the most.”
In North Clark County, IQ Credit Union has locations in Battle Ground, Ridgefield and Salmon Creek. It also has an education program location for students at Battle Ground High School so they can learn how to become a bank teller.
To learn more about IQ Credit Union’s youth accounts, go online to iqcu.com/youth-accounts.
