DULUTH, Ga. (8/19/13)--More than 52% of respondents to the Georgia Credit Union Affiliates' Midyear 2013 Consumer Survey report their children do not have savings accounts at financial institutions.
This provides credit unions with an opportunity to promote children's savings accounts with their members and also attract youth at an early stage to see the benefits of credit union membership.
National statistics paint a bleak picture of financial literacy among young people. Only 27% of young adults possess basic knowledge of interest rates, inflation and risk diversification, according to the National Bureau of Economic Research.
Also, The 2012 Consumer Financial Literacy Survey indicates that 44% of Americans continue to learn about financial literacy primarily from their parents or at home.
GCUA's survey shows how parents can better equip their children to manage their finances responsibly.
GCUA's tips to teach kids about managing money: