by Doug True, CEO
Of the 148,773 FORUM members, more than 9,000 are under the age of 18. We are grateful so many FORUM parents have passed along the benefits of Credit Union membership to their children. Our purpose here at FORUM is helping members live their financial dreams, and it has been well documented that saving money at an early age dramatically aids in achieving one’s financial dreams. Saving early is one of the first revelations made by the famous Warren Buffett, along with the power of compound interest, which started him on his path to financial independence. One of my favorite websites is the Visual Capitalist
and they have recently started a series called Wealth 101 – A Crash Course in Personal Finance
. If you are a visual thinker like me, I encourage you to check out the website. There are some powerful infographics on this site that might help you and, if you are a parent, your children.
For the month of April, FORUM is celebrating National Youth Month
, a program encouraging positive financial habits for our youth. We want to assist in helping them understand how to save money and even make saving fun. We encourage children and their parents to visit any of our convenient branch locations to win prizes and learn about the Science of Saving. The theme this year is “The Science of Saving” and will showcase fun science fiction inspired characters. Science has proven if you start with small goals, saving your money can become a beneficial habit. Here are two of my favorite ways FORUM can come along side you to help your children save:
- If you have a child under the age of 18, you should have a Sprout account as FORUM matches up to 10% of deposited funds per calendar year up to the $100 annual cap. That’s right- you can earn $100 on annual deposits of $1,000, and this is on top of the dividend the Sprout account earns. The Sprout account can be opened at any time from birth to age 18; funds are available when the child turns 18, and will automatically transfer to the child’s savings account. No minimum deposit required to open and contributions can be made by anyone at any time. It can be used to save for college or for any reason you desire. It really is a great way to work together with family to show how savings can make a difference. This Sprout account is a unique offering that you won’t find at other financial institutions. Last year we gave out $72,870 in matches to FORUM members.
- FORUM is a not-for-profit financial cooperative owned by our members and governed by a volunteer Board of Directors consisting of fellow FORUM members. We are proud of our member-owned structure and want to be sure we develop up-and-coming FORUM members who want to be active with their Credit Union. This is why we have the Young Leaders Council, a group of young adults coming together to gain financial skills, collaborating on new ideas for products to better serve young FORUM members, and discussing financial related topics important to today’s youth. We invite youth throughout the community from ages 17 to 24 to join this Council. Please check out our YLC page for details.
Thanks for your time in joining me to learn more about how FORUM desires to help our young members with the Science of Savings. We appreciate you being a FORUM member/owner.
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Categories: Kids and Money, Saving, Students