Michigan First Credit Union Offers Parents Summer Tips for Teaching Children Financial Skills and Responsibility

June 29, 2010 (PRLEAP.COM) Business News
LATHRUP VILLAGE, Mich. June 29, 2010 Summer vacation provides parents a great opportunity to instill a new type of education in their children's lives: financial literacy. To assist parents, Michigan First Credit Union (http://www.MichiganFirst.com) is offering five easy tips as a part of its MoneyKids® program to help improve their children's financial education.

To help build a stable economic climate for future generations, it is increasingly important to educate today's youth about financial responsibility. Those who learn money-management skills at a young age most often carry these skills to adulthood. These tips are designed to help parents teach easily understandable financial lessons to their children, better preparing them to handle the financial responsibilities that come with age.

Five tips for financial education:
1. Play games. Teach children that learning can be fun by encouraging them to play games that teach basic financial skills. Give your child a small bag of coins and play "general store" or "banker" to help your child identify the worth of each coin and learn the basics of spending.

2. Encourage saving to achieve goals. The next time your child has an eye on a new toy, such as a bicycle, use a savings calculator to help your youngster put a plan in place. By learning the benefits of careful planning, children establish habits that they will retain throughout their lives.

3. Have your kids open a "grown-up piggy bank." Encourage children to make deposits, set savings goals and keep a balance book. With Michigan First's MoneyKids® program, children receive dividends on their savings, as well as special newsletters and opportunities to participate in contests.

4. Beat the heat with the tried-and-true lemonade stand. A long-time summer staple, this can be one of the best ways for older children to learn the basics of handling money. After a day at the stand, help your children count their money and encourage them to spend and save their newfound treasure wisely.

5. Pay them an allowance. Even if it is only five cents for picking up their crayons, giving children an allowance helps them learn the importance of earning money.

"All year long, children learn reading, writing and math skills in school, but the summer time is an unexpected opportunity for parents to devote time to their kids' financial education," said Michael Poulos, president and CEO of Michigan First Credit Union. "Michigan First has long been devoted to financial literacy, and with our youth programs, parents are sure to find something fun and educational for kids of all ages."

Michigan First's youth programs are designed to encourage children and teens to save money and to instill financial responsibility that grows with them.

For more information about Michigan First's financial literacy programs, visit www.MichiganFirst.com.

About Michigan First Credit Union
Based in Lathrup Village, Mich., Michigan First Credit Union is one of the leading technology-focused credit unions in metro Detroit. The rapidly growing, full-service financial institution serves more than 80,000 members and has more than $550 million in assets. Founded in 1926 as the Detroit Teachers Credit Union, Michigan First has since expanded to serve those who live, work or worship in Wayne, Oakland and Macomb counties, as well as local businesses. Michigan First is committed to continuously investing in its members, the community, youth and financial literacy initiatives and providing members with the latest in banking technology and services. For more information, visit www.MichiganFirst.com.