Every year, credit unions around the country take part in GR8 Savers Week. This is a week-long initiative aimed at encouraging a savings habit among younger children, while educating young people on how to have a smart relationship with money. In 2014, GR8 Savers week will run from Monday 12th – 18th May 2014.
We have all been witness to the recent economic instability in this country and many of us are being impacted as a result of austerity measures. There continues to be a daily struggle for many families in terms of their personal finances. Our quarterly household income and expenditure the ‘What’s Left’ tracker shows us that since December 2013 those in mortgage arrears increasing; more and more people are turning to their credit card to make ends meet at the end of the month, hundreds are putting off paying their essentials bills every month and worryingly there has been an increase in those turning to moneylenders to bump up monthly income in the struggle for financial survival. Given how important financial skills are in navigating life, it is vital that we educate younger members of society about the merits of investing in their own futures, by sound financial planning and responsible money management.
It is true to say that most of us have learnt a very hard lesson about the value of money and the importance of saving for a rainy day, no matter how small the amount. Our young people are no different and it is incumbent on us all to ensure that our children recognize not only the value of money but also the importance of understanding how saving works. Credit unions in communities around the country want to help local parents to give their children a solid financial education from a young age and we would invite any member of the community to call into their local credit union office to join in the fun and activity.