Money management, including savings and investing, aren’t adult-only topics. In fact, they
should be kid-friendly conversations. Southeast Financial Credit Union (SFCU) CEO John Jacoway and President Jeff Dahlstrom explain.
What banking basics should kids know about?
John: Teaching kids to systematically start saving can be tricky. When they receive money for birthdays and holidays, it’s important to talk to them about spending a little now and saving the rest for future goals or special purchases.
What products does SFCU offer that can help kids save and watch their money grow?
Jeff: Kids can open an account with just $5.00, with a joint owner such as a parent or
grandparent. As they make deposits, kids can view their account online or through our mobile app to track their progress toward reaching their goals.
What makes grandparents good mentors regarding money and banking?
John: I feel older generations look at purchases and savings differently. Their mindset is often to save now because times may not always be as good, and you may need that money in the future.
What type of Uniform Transfers to Minors Act (UTMA) accounts or related
products does the credit union offer?
Jeff: We offer products such as savings and share certificates that fall under the UTMA
category. Money put into these accounts is handled by a custodian, and irrevocable deposits are made on the child’s behalf. When the child reaches a specific age, sole ownership of the account is turned over to them for use.
Any final thoughts on banking and saving for kids?
John: The sooner kids learn the basics of saving and how banking works, the better chance they’ll have of successfully managing their finances in the future. One final note: we have great savings opportunities for adults as well, such as our Christmas Club, Money Market, and Share Certificate accounts. After all, you’re never too old to save for the future. SoutheastFinancial.org
"The sooner kids learn the basics of saving and how banking works, the better chance they’ll have of successfully managing their finances in the future." -- John Jacoway, SFCU's CEO