FamilyMint makes it easy for both parents and teachers to teach about budgeting, saving and financial goals in a fun and interactive way. They provided quality resources by offering both a parent/teacher page and child pages on their website.
Ann Arbor, MI (PRWEB) September 13, 2011
How confident are young people today that they will achieve their financial goals? A Wells Fargo survey found only 5 percent of people age 18 to 21 are confident they will achieve their financial goals and according to a Jump$tart Coalition survey, 18 to 24 year olds are the fastest growing age group in the U.S. filing for bankruptcy. In addition, Charles Schwab’s 2011 Teens and Money Survey showed a notable decline in financial literacy compared to 2007. One credit union in New York is doing something about this.
Shelly Gayring, Assistant Manager, Liverpool CS FCU says, “Liverpool Federal Credit Union is deeply rooted in education. The credit union was founded in 1956 to serve the Liverpool Central School District Employees and now includes the junior and senior students in our field of membership. We feel that financial education is key to building a good foundation for our children’s financial future. We are always looking for ways to assist both teachers and parents by providing financial literacy resources at no cost. Some of the ways we do this is by providing NEFE workbooks for business students at LHS, Guest speaking on budgeting and credit each semester, offering Cub Account and Cub Times monthly newsletters for our little savers, and now offering a wonderful resource by partnering with FamilyMint!”
FamilyMint is an award winning online money management application that helps parents raise money-smart kids and helps busy families be smarter about money. FamilyMint has developed a unique partnering platform to assist credit unions in educating, attracting and retaining the youth market.
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.
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.
According to Shelly Gayring, “FamilyMint makes it easy for both parents and teachers to teach about budgeting, saving and financial goals in a fun and interactive way. They provided quality resources by offering both a parent/teacher page and child pages on their website.”
And Karen A., a FamilyMint user says, "FamilyMint is amazing. The graphs & visualization have completely turned things around. The kids are working together to save. FamilyMint takes care of managing the little things. So many times we were missing opportunities to teach the kids lessons. Now everyone has more control. I've been emailing all my friends. I heard about it through my credit union & never would have thought to look for something like this on my own. It's a fabulous thing that I wish I had when the kids were younger!"