He added that in the short term, they may develop strong saving habits, learn how to make smart purchases and learn why they can’t immediately get everything they want.
‘In the long term, we can help them avoid getting into debt. And by teaching the value of saving for the future, you can put them on the road to financial security,’ he said.
3. What kinds of financial ‘bad habits’ might people develop if they are not taught money management skills when they are young?
He added: ‘Credit unions want to help parents give their children a solid financial education from a young age. I would invite any member of the community to call into their local credit union to join in the fun and activity. We are a not-for-profit organisation offering fair and affordable financial services locally with your best interests at heart.’
4. What role can parents play in encouraging their children to develop good savings habits?
