The Science of Savings!

Help Kids Soar to a Brighter Financial Future During National Credit Union Youth Month

Saving for a better future is hard—for everyone.

A 2017 national survey found that almost 60% of Americans have less than $1,000 in savings, and almost 40% had none.

Science has found most people don’t save because of “present bias,” the tendency to overvalue immediate rewards at the expense of future well-being. Saving is difficult for the same reason dieting is: Spending money and chocolate cake bring instant gratification.

So, if it’s hard for adults, how do you teach your children to save? By turning it into a habit.

Studies show that habits formed when you are young tend to stick. It’s why you (hopefully) still brush your teeth every day.

Start small. Help them save for a toy they want. Then sign them up for a youth savings account at HOPE where they save for far-off goals. Ask them what they want their lives to be like. Studies show that picturing your future self makes saving easier.

During National Credit Union Youth Month in April, HOPE is honored to empower children to save for brighter futures. As a member-owned financial institution, we’re helping children and families across the Deep South have the money skills to blast-off to destinations wondrous and unknown.

Get children excited about savings by downloading a PDF or JPG version of our coloring page.  They can color it and then bring it to a HOPE branch where we will proudly display their artwork.

You can also challenge them to sharpen their savings habits by following the steps on our infographic.  It takes them through the process of saving for something that is important to them by following a plan and being encouraged by charting their progress as they work toward a goal that they have set.