Understanding what money is and teaching kids to master financial literacy at an early age is a crucial life skill. Parents can look to a local credit union for help teaching these lessons to their children.
Michigan State University Federal Credit Union (MSUFCU) has announced the release of its new youth accounts and digital Youth Store for use. The new structure is designed to better engage and educate the youth members of MSUFCU based on their interests and their understanding of finances.
MSUFCU previously offered three youth accounts but have adapted to five to target smaller age groups. They are: Sweet Pea (ages 0-2), Dollar Dog (ages 3-6), Cyber Saver (ages 7-10), Money Club (ages 11-13), and CU Succeed (ages 14-17).
The new online Youth Store replaces MSUFCU’s Dollar Dog store that was previously only offered to Dollar Dog members. Now, all youth members will receive one virtual coin for every $10 deposited into their accounts, whether the deposit is made at a branch, an ATM, via eDeposit, or by mail. Members can then redeem the coins for fun prizes through ComputerLine, MSUFCU’s online banking system, in the digital Youth Store.
“We’re excited to enhance our youth account options, as we are committed to helping our young members acquire greater financial independence,” said Deidre Davis, MSUFCU’s Chief Marketing Officer. “The new structure gives us an opportunity to build stronger relationships with our young members and will help them learn positive financial habits. By offering the new online Youth Store, we can also reward our youth members for saving money, keeping them excited about their financial futures.”
MSUFCU also offers youth apps to make financial literacy and saving fun. Apps include Saving with Piggy, Saving Magic, Saving Draggy and DreamRacer.
For more information, visit msufcu.org/youth/