Education about the value of saving might be the best way to ensure member success. And they're never too young to start.
Saving money isn’t easy, especially with job opportunities scarce and fixed costs everywhere. But a recent Washington Post article chronicles the value of solid financial anchor points and instilling those values in your children from an early age.
The article reminds readers that a survey (albeit a small one of only 1,000 people) showed only 55% of Americans have a defined, goal-based savings plan as opposed to the 62% who said they did in 2008. Obviously, the recession forced some hands, but the trend is still not a good one.
The article also explores how families teach their children to save and understand money. One family doubles children’s allowances if they can go a whole week without spending anything; they call it a match. Not a bad idea.
A credit union can learn a lot from these ideas. It can calibrate how it promotes saving in branches. Is it being properly and effectively promoted? Is there material that caters to teaching children how to save? Do you talk to members about teaching their children the value of money? These are all individual questions with no right answer. And, to be sure, there are many more.
One thing’s for sure: They are all worth some thought. So put it in the bank (or credit union hopefully) and save it.