Washtenaw FCU Partners with FamilyMint to Fill a Financial Educational Void

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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.

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Helping kids appreciate money

Our introduction to the program came at the perfect time as we were looking for something to fill the financial educational void we see in young children.

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 are very pleased with the FamilyMint program,” says Greg Gurka, President/CEO, Washtenaw FCU. “Our introduction to the program came at the perfect time as we were looking for something to fill the financial educational void we see in young children. Being a small credit union we are not able to do as much within the school system or community as we'd like."

"FamilyMint does not require staff to be out of the office, a large time investment or huge cash outlay and marketing it is very easy. With children being so computer savvy and inquisitive, they are more than willing to sit down with a parent and work on the system. The graphics, charts and colors work to keep the child's attention focused on the goals," continues Greg Gurka.

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. FamilyMint’s e-mail Snippet provides busy parents and kids’ weekly tips and tricks on becoming money-savvy.

“Based on a survey of our users, parents are consistently seeing a shift in their children’s thinking from the desire to spend to a curiosity about and excitement in saving,” says Jeff Eusebio, CEO of FamilyMint. “It is both a source of pride for the kids and a relief to the parents.”

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Bob, Masterson
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