For Immediate Release - DFCU Financial

For Immediate Release:
Kim Ward
313.322.8239
Kim.ward@dfcufinancial.com
How to Raise Financially Responsible Children
Information and Tips for Parents, Grandparents
DEARBORN, Mich., April 15, 2010 – As Washington still works to address the problems in our
economy and financial sector, these crises have illuminated the importance of educating the next
generation of spenders and savers on the basics of personal finance.
A recent survey by the Jump$tart Coalition for Personal Financial Literacy found that the average
high school senior could only answer half the questions on a basic financial knowledge test. In
addition, many of these students enter the workforce unable to balance their checkbook,
appropriately judge credit offers or establish good savings habits.
Historically, children have not had formal training in money management. While physical
education and art are part of nearly every curriculum, financial education is mandated by only a
handful of states as a requirement for graduation, which is why DFCU Financial encourages
parents – and grandparents – to take charge and teach their children this critical life skill.
To help parents and grandparents, DFCU Financial has developed the seminar “How to Raise
Financially Responsible Children and Grandchildren,” which will be presented on Wednesday, April
21, from 6:30 p.m. to 8:00 p.m., at DFCU Financial’s Livonia branch located at 37373 Seven Mile
Rd. Reservations are required and can be obtained by calling 313.322.8225.
Topics covered include:
• How to teach that money has limits and does not grow on trees – or in ATMs
• The difference between wants, needs and the lost concept of delayed gratification
• Teaching basic budgeting
• Allowances and spending decisions

• Understanding the rewards of work
• Age-appropriate money lessons and activities
Though it’s important to set aside time on a regular basis for your child’s financial education, there
are a number of fun family activities that will serve as important learning examples. Here are some
suggestions:
• Set up a family change jar for a big-ticket item. As a family, decide what you’d like to save
for and have each family member contribute on a weekly basis
• Plan a budget for a family outing or trip
• Plan a meal on a budget and take your children shopping with you
• Go out to eat and give your kids a spending limit
• Encourage your children to raise money for a local charity so they learn the value of giving
to others
• Have a family garage sale and let your kids be responsible for deciding what items they
want to sell and for collecting the money
• Open savings accounts for your children and go over your statements together
• Pick a product for a family research project. Have your children evaluate prices and brands
to determine which is the best value for the money
• Help your kids start their own business, whether it’s a lemonade stand or reselling toys
DFCU Financial, headquartered in Dearborn, is Michigan’s largest credit union with $2.6 billion in
assets. For four consecutive years, DFCU Financial has issued the largest dividend in the history
of credit unions of more than $70 million. The credit union continually reinvests in its membership
with new branches, a no-interest, no-payment Career Transition Program and financial literacy
education for all ages. DFCU Financial currently operates 12 full-service branches in Detroit, three
branches in Lansing, and six in the Grand Rapids area. For more information and to find out how
you can join, call 888.336.2700 or visit www.dfcufinancial.com.
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