At American Airlines Federal Credit Union, we take pride in partnering with companies who share a passionate vision for providing access to financial education tools and resources to our next generations of members.
Ann Arbor, MI (PRWEB) September 01, 2011
FamilyMint, the award winning online money management application helping parents raise money-smart kids, and helping busy families be smarter about money has developed a unique partnering platform to assist credit unions in attracting and retaining the youth market.
“We’re very excited to have partnered with AA Federal Credit Union in helping kids appreciate money,” said Bob Masterson, FamilyMint President, “as they share a commitment and passion in educating their young members and providing the best financial tools and resources available.”
Amy Dymond, Marketing Analyst Youth Programs, AA Credit Union says, " At American Airlines Federal Credit Union, we take pride in partnering with companies who share a passionate vision for providing access to financial education tools and resources to our next generations of members. When I found information on FamilyMint, the first thing I reviewed was their customer testimonials page. I was impressed with how many parents had taken the time to give positive praise and feedback on just how much FamilyMint’s virtual budgeting and savings tool had inspired changes in their children’s spending and savings habits, as well as how much easier it was to spark family conversations about money.” Amy continues, “In today’s struggling economy, our next generation of member-owners need all the financial education they can receive, and in an online format that directly makes sense to them. FamilyMint fits perfectly with what we were looking for.”
FamilyMint is the only budgeting and goal-setting tool available through credit unions where kids 5 to 16 learn by actually managing their own money in a safe, virtual environment. It is the modern replacement for the piggybank as well as an introduction to online banking and is designed to start forming the right financial behaviors in an interactive, fun and simple way while emphasizing the importance of saving, setting and achieving goals.
A 2008 study by the Boys & Girls Clubs and Charles Schwab Foundation revealed: Teens who learned about goal-setting were more likely to save for something, then purchase it... those who learned about saving were more likely to save regularly…and those who learned to track spending were more likely to have developed a budget.
Parents act as the bankers and custodians of the money. Through a co-branding program, credit union members gain free access to FamilyMint’s Premium version. This includes access to FamilyMint Mobile, and other enhancements that allow parents to automate allowance, add motivating interest payments to kids’ accounts, and lock accounts meant for long-term savings goals. And FamilyMint’s e-mail Snippet provides busy parents and kids’ weekly tips and tricks on becoming money-savvy.
According to Heidi H. a FamilyMint user, “FamilyMint is an easy to use, forget-proof system of distributing allowance. Helps teach money management and planned spending with goal specific savings plans. It encourages generous giving while helping kids think ahead for long term savings. Easy for kids to review past purchases and see a tangible outline of how they might change spending habits. We love it!!!!”