Financial Education

Oodles of Caboodles

Anita Elkins, member services representative at 1st Plattsburg FCU in Plattsburgh, raves about the Kid’s Cash Kit and Caboodle project. “This is wonderful. It’s really a great program,” she said. “I think the Kid’s Cash Kit and Caboodle teaches concepts that every child and parent should know.”

“Of the three concepts reinforced through the project, ‘saving’ is the one that eludes children and their parents the most,” Elkins said. “Children need to learn to set goals and save money to achieve those goals. Many children seek immediate gratification and there’s no savings aspect to their lives. It’s not all about spending—children need to learn how to save and share further on in life,” she said.

Get Them Started At a Young Age

Youth should start learning the importance of saving, spending, and sharing money as soon as possible, according to Nora Smith. That’s why the branch/administrative manager of Niagara County Federal Credit Union in Lockport is so excited about the Kid’s Cash Kit and Caboodle project. “I think we need to teach children these things while they’re still young, and we need parents to help their children learn abut personal finances, as well,” she said.

Saving Can Be Fun

According to Brian Curtis, VP of Business Development at ACMG Federal Credit Union in Syracuse, NY, who made age appropriate presentations during a day-long program at a school in the Syracuse area, “the kids are really excited about the program as they have discovered that saving can be fun!” As one teacher stated, “…they are now thinking about the many different ways that they could save, spend, and share their money.”

Cash Kits Please Parents

“Parents are excited to have these tools, because they may not have the resources at home to teach their children about saving, spending and sharing,” said Michelle Seiler, marketing manager, Lockport Schools FCU in Lockport.  “It’s important to plant these seeds at a young age, because life moves so much faster for them as they become teenagers and adults.”

Save and Share Alike

Lori Brown, marketing/human resources director at Utica Gas & Electric FCU in New Hartford believes that teaching the concepts of saving and sharing may be the greatest benefit of the Kid’s Cash Kit and Caboodle program. “From the research I’ve done, it seems that kids take for granted that they will get money from their parents,” she said. “Through the Kid’s Cash Kit and Caboodle, children can be proud of themselves for saving their own money, and they get excited about sharing their money and helping others.