Junior Savers Week 26 Sept – 02 Oct 2022

Teaching children about money when they are young lays the foundation for responsible money management later in life. Using paper money and coins will help your children grasp counting and value, giving them a better understanding of financial literacy. Children whose parents emphasise the importance of financial literacy and encourage them to spend and save thoughtfully develop a healthy perspective on money. 

Ages 3 to 5

At this age, help them establish spending, allowing them to see what happens to their balance depending on their decisions. You only need a see-through container or jar to start. 

Ages 6 to 14

At this age, let your child help shop with the groceries. Walk them through your decisions about why you shop at different places, seek discount offers and sales, sign up for club cards, and select certain brands according to pricing and your budget. Allow your children to make money-related mistakes and help them understand the consequences. Praise your child if they’ve made wise decisions with their money, and give them more financial responsibilities as they age to grow their confidence. 

Teens Ages 16 to 19

At this age, teens should understand more sophisticated money management concepts and have financial literacy that includes knowledge of earning, saving, spending and sharing. Help your children find ways to make extra money that are age appropriate and suit their abilities and skills. It’s also a good idea to verbalise your desire to acquire more goods and services than your income can afford so that your children know you can say “no” to yourself, too. 

 

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Wexford Credit Union is regulated by the Central Bank of Ireland.