Credit unions urge parents to get children saving

Teaching children to have some money sense is no easy task. However, credit unions have urged parents to take advantage of a national youth savings initiative as a way to teach their children how to manage money responsibly.

The annual campaign, run by credit unions across Ireland from May 8th to May 14th, aims to assist parents in teaching young people the importance of saving for the future. This year's campaign is being launched by Olympic rowing medallists Gary and Paul O'Donovan.

Information leaflets on the initiative, known as GR8 Savers Week, will be available in local credit unions, while a social media information campaign will be run from the Irish League of Credit Unions (ILCU) Twitter and Facebook pages.

"The skills necessary for financial independence and responsibility need to be learned from an early age, and this can sometimes be overlooked," ILCU director of communications and marketing Emmet Oliver said.

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“ There is never too young an age to teach children and teenagers how to spend wisely, and GR8 Savers Week is all about giving parents the tools necessary to show their children and teens how to develop a healthy relationship with money,” he said.

The campaign comes at a time when there is a trend towards saving among Irish consumers with recent figures from the Economic and Social Research Institute showing that 70 per cent of Irish people are now saving