August marks the migration of kids back to school and college students back to Lawrence. Chad Wagner, Assistant Marketing Manager for Truity Credit Union, answered a few questions about helping young people manage money.
LCL: What would you like parents to teach their children about managing money?
Wagner: The art of saving. Teaching them how to save at a young age just to get them accustomed to it and how important it is can really go a long way.
LCL: What are the accounts parents can open for kids?
Wagner: We have what we call a Johnny Appleseed account for children up until the age of 12. To try and encourage savings, we send out postcards that a parent and child can bring into a branch. If they deposit at least three dollars, they get a prize. Then, when the child reaches 12, we meet with them to talk about money management and best practices.
LCL: Is there a benefit to a college student opening a Truity account?
Wagner: Because Lawrence is a university town, you have kids coming from all over the U.S. A lot of credit unions are part of a Shared Service Center program. Wherever you are, you can pull up a list of every ATM that won't charge you a fee or every credit union branch where you can go to make a transaction into your Truity account even though it's not our branch. All you need is your I.D. and your account number.
To learn more about the programs Truity Credit Union offers parents and students, visit truitycu.org or go to one of the three Lawrence branches.