Teaching Financial Literacy at Sparky’s Kids Club Financial Fest
Everybody loves summer fun, so getting back in the groove of classes and homework can be a struggle. But getting an early start to the school year doesn’t sound particularly exciting either. So what’s a kid to do? That’s where our mascot, Sparky, steps in: with a fun, family event teaching financial literacy that will get you excited and prepared for going back to school!
Join us for Sparky’s Kids Club Back to School Financial Fest! On Saturday, August 24, 2024, from 10:30 am – 12 pm, our West Side Cleveland (Emerald Parkway) branch will be hosting a family-friendly festival to promote kids’ financial education. The event will feature fun activities for kids, ages 4 – 12, tailored to their learning level. Snacks, drinks, and back-to-school prizes will be available, giving you a leg-up on prep for going back to school. Oh, and it’s free for ALL kids, even if they are not FFCCU members. Register now.
WHY IS TEACHING FINANCIAL LITERACY SUCH A BIG DEAL?
Teaching financial literacy to kids is essential to strong money management later in life. It’s also a topic near and dear to our hearts – here’s why:
HOW FINANCIAL HABITS ARE FORMED
Behavioral research indicates that money habits are formed around the age of seven. The same study suggests that age three is a good place to start explaining simple money concepts. With our financial world becoming more complex, starting early gives you more time to teach some of the trickier concepts. Going back to school this fall will expose students to complimentary topics like math and social studies – but real-world experiences go a long way towards teaching financial literacy. You could discuss your bills, ask questions when grocery shopping, or bring your children along when making a major purchase like a car. Exposure to these real-life situations – with commentary from you – is something they can’t get in the classroom.
OHIO FINANCIAL LITERACY REQUIREMENTS
Another important reason to get an early start on teaching financial literacy? To prepare children for high school financial education qualifications. Ohio now requires students in the class of 2026 and beyond to pass a financial education course. While some of the topics covered in that course will be more relevant to students over age 12, a strong foundation of financial knowledge will make this required class much more valuable.
TEACHING FINANCIAL LITERACY FOSTERS INDEPENDENCE
Your third grader going back to school this fall can (quite literally) benefit from a few dollars in their pocket! Teaching financial literacy concepts is the first step. But allowing children some independence to spend their own funds can reinforce smart financial habits. Will they blow that money on Prime and Takis? Maybe! But if you keep highlighting the importance of financial goals, you are likely to see your kids saving, budgeting, and making more informed money choices. Establishing limits gives them hands-on experience with concepts like opportunity costs (Prime or Takis…decisions decisions).
A SPARKY ACCOUNT GETS YOU STARTED
Discussing the importance of saving is the way to start teaching financial literacy. The next step is to empower your children to set and reach their own savings goals. Sparky’s Kids Club savings accounts are the perfect way to do just that. Sparky’s Club members also receive a quarterly newsletter, age-appropriate activity book, and chances to win prizes throughout the year. It’s an appealing way to enjoy some extras while putting everything they’ve learned into practice. Plus, a Sparky account will earn dividends and grow your child’s wealth – something your piggy bank can’t do!
GET FIT FOR GOING BACK TO SCHOOL
Whether you are attending Sparky’s Back to School Financial Fest or enjoying an expanded sales tax-free school shopping period (a whopping 9 days!), the time to prepare for going back to school is just about here. Discuss allowances with your children if it seems appropriate for your situation and their age. You can also help them create a budget with any money they earned over the summer, spreading their funds out between savings goals and other needs.
Going back to school doesn’t have to be something your kids dread! Let FFCCU and Sparky kick things off on the right paw!
Want some help teaching financial literacy? Attend Sparky’s Financial Fest! To RSVP, you, your children, and any guests, head over to ffcommunity.com/ sparkys-financial-fest-24
To open a Sparky’s Kids Club savings account or to read more about the program, visit: ffcommunity.com/savings-accounts/sparkys-club-youth-accounts
Posted In: Sparky's Kids Club
