Money Matters

FAIRWINDS Credit Union and MicheLee Puppets have created Raising Money Wise Kids, a financial literacy video series.

Words by Jen Bisbee

In the Saving Spending Sharing Budget video, a puppet named Jay learns from his mom how to divide his money into categories and create a budget for how to save, spend and share.

For most parents today, the common expression “money doesn’t grow on trees” was likely the extent of their financial literacy education when they were growing up. In fact, a recent survey by CreditsCard.com found that one in four adults with children under age 18 said their parents provided no money lessons as a child.

However, financial literacy is one of the most important life skills a child can learn. From saving up allowances and controlling impulsive buying to finding ways to make money through chores, knowing the fundamentals of money and how to use it wisely is critical to a child’s financial successes in the future. The good news is that it’s never too early to start. A study by the University of Cambridge found that money habits in children are formed by the time they’re 7 years old. April is National Financial Literacy Month, and this initiative was created to raise awareness about the need for effective financial education. Throughout the month, organizations across the country are launching initiatives designed to improve financial literacy, especially among our nation’s youth. In Central Florida, FAIRWINDS Credit Union and MicheLee Puppets have partnered on a financial literacy project entitled Raising Money Wise Kids that features a series of fun, educational videos to teach children how to make smart money choices that will lead to a life of financial freedom and generosity. Available to parents and teachers nationwide, the topics include: • I Want it Now teaches kids to control impulse buying and how to set goals and save money. • Saving, Spending, Sharing Budget shows children how to divide their money into categories and create a budget. • Time, Talent, Treasure: Living Generously explains how to make a difference in the world by sharing their gifts with others. • Welcome to the Credit Union takes kids on a whimsical trip through a credit union to discover how it can help them with their money and financial goals. Each of the lessons is a presented as a fun music video that follows puppet kids on an adventure that requires them to make choices about how to use their money. It’s an entertaining resource to help kids learn and remember. Funded by the FAIRWINDS Foundation (the philanthropic arm of FAIRWINDS Credit Union), the entire series will be available for free on PBS LearningMedia and YouTube. PLAY Tip: The Raising Money Wise Kids free video series is supported by lesson plans that teachers can incorporate into their curriculum.

It’s important to set a strong financial foundation by teaching children the importance of setting financial goals, planning effectively to help them to stay on course and preparing for detours that come along the way. To download the family guide and find more helpful information about how to chart a course to financial freedom, visit fairwinds. org/foundation.