The “Age 7″ Rule: Is Your Child Already Behind Financially?

Teaching kids about money is more important than ever, especially as families face rising costs and a changing economy. Helping your children build good habits early can give them the confidence and skills they need in adult life. Earlier today, I spoke with Jessi from Numerica Credit Union's Wenatchee branch. Numerica is committed to teaching your kids a healthy view of money and savings.

Our financial chat with Jessi Clay from Nujmerica Credit Union

Connor: April is Youth Savings Month, and it's a great reminder that it's never too early to start talking to your kids about money. Jessi from Numerica is here to talk about having the money discussion with your kids.

Jess: At Numerica Credit Union, we really believe that building good savings habits early sets kids up for a stronger financial future.

Connor: So, when should parents start that conversation?

Jess: Earlier than most people think! By age three, kids can understand basic money concepts, and by age seven, their financial habits are already forming.

Connor: So, what is your advice for getting the conversation started?

Jess: It can be really simple. Ask your kids questions like, "How do you feel about money?" or "What do you want to learn?" And then include them in your world, talk about your budget and expenses, your goals, even mistakes you've made.

Connor: I like that, making it real for them.

Jess: Exactly. And hands-on experience is huge. Let them help with a grocery budget, track savings, or earn a monthly allowance for chores or good grades. This is a great way for them to learn about earning income and deciding how to spend or save those funds for later. A lot of kids love the experience of bringing their money in to deposit it into their accounts.

Connor: That's a great life skill.

Jess: It really is. In fact, kids who have a savings account before age 17 are more likely to be financially successful later on.

Connor: That's powerful.

Jess: At Numerica, we offer Growth Savings accounts for kids 0-17, and Growth Checking for teens 12-18. It's a safe way for them to start learning how to manage money. This has really helped my kids learn to spend wisely and save for bigger, long-term items. Also, with the mobile app, teens can view their checking balance before using their debit card to make sure they don't go over their limit.

Connor: Great advice, thanks, Jess! To learn more, visit numericacu.com, follow @numericacu on social media, or stop by your local branch to get started.