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Financial Capability for Youth

In 2004, Congress designated the month of April as National Financial Literacy Month. In the credit union industry, we also celebrate Youth Month in April! This fortuitous overlap of awareness-raising financial health initiatives means there is no better time to start teaching kids about financial fitness. And Cutting Edge is happy to help along the way with youth accounts, free coin counting, financial education materials, free financial coaching, and more!

Today’s youth face a financial marketplace that is more complex than the one faced by previous generations. Financial capability is knowing how to spend wisely, manage credit, and plan and save for the future. The government website identifies five areas of financial literacy and capability that a young person should learn about for the best future outcomes with financial management:

  1. Banking practices and managing your money
  2. Savings and investing strategies
  3. Credit use and interest rates
  4. Frauds, scams, and predatory lending practices
  5. Public and work-related benefits

Many adults also struggle with these same concepts – so how do you teach your children or other young people in your life these financial concepts if you’re not sure yourself? There are many free and reliable resources available online from government entities, financial institutions, and consumer protection groups. Here are some of our favorites: – What to Know and Do

Jump$tart Financial Smarts for Students – Financial Capability & Literacy

Consumer Financial Protection Bureau (CFPB) – Youth Financial Education – Smart Money Habits Start Early

iQ Credit Union’s Online Courses for Pre-K, K-2nd Grade, and 3rd-6th Grade

Summit Credit Union’s FoolProof Online Financial Literacy

Ent Credit Union’s Downloadable JR Financial Education Resources


Finally, it’s important to model healthy financial habits to your kids and lead by example. Here are some easy steps you can take today to begin help your children create a solid financial foundation:

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