Tweens on the Coast are going to understand the value of saving money more than ever with an innovative rewards program from a local bank.
“The Sunshine Coast Credit Union has deployed the Youth Savings program, where young people aged 11 to 12 if they deposit at the Credit Union they can get paid $125 over three year period,” says Credit Union CEO Shelly Mc- Dade, assuming they deposit a minimum of $500. The Credit Union will also offer a workshop on how saving is fun on October 18, from 11 to noon at their Sechelt branch.
The SCCU initiated the program in the spring, and it was very successful so they’re going to launch it again, McDade said.
Humanomics program is a collaboration between seven credit unions across Canada. McDade said they wanted to do something meaningful for their members, and so they conducted some research.
Among its telling results, the study suggested that only 44 per cent of parents have discussions about money with their children. McDade said this was a key concern that spurred the Credit Union to get involved.
“From that information we thought, it would seem if we could help young Canadians learn good savings habits early, that would bring value to their entire life and to their family,” the Credit Union rep explained. There’s even a workbook with great graphics and tables that the child can work through with their parents. Then beginning in October, they’ll be offering free money-banks. “The banks have got a unique twist to them, in that it is divided into three key sections, one is where you save money for the future, one is for money you plan on spending, and another is donating,” McDade explained.
They’re also offering a fun one-hour work-shop for parents and youth on October 18 at 11am to 12 at their Sechelt branch.
“That’s where we’ll review the tools with the parents and children, and give them some tips and tricks of how they can embark on a savings program successfully.”
While the savings incentives for the program are for 11 and 12 year olds, the workshop will be open to children ages 9 to 12. Studies show that youth of this age group are beginning to grasp concepts around money.
“They want to earn money and they want to spend money,” McDade expressed “so this is a good time to introduce the concept of saving and donating.” She said the Credit Union hopes they can help parents feel more comfortable and get them more equipped with tools to talk about money with their kids.