Elementary students are learning it's never too early to make smart financial decisions with the unique Brackendale Elementary Youth Credit Union program providing them an insider's perspective.
Squamish Savings, a division of Vancity, is helping students learn all about banking by setting up the youth credit union program of mini-financial institutions established in local elementary schools to help young people learn about money management and improve their math skills.
"The program was established about 10 years ago in the Lower Mainland and the idea is to give a program that teaches really practical money and math skills," said Tracey Kliesch, bank manager.
Once a week over the lunch hour, with guidance from Squamish Savings staff, Brackendale Elementary is transformed into a youth credit union. Students set up teller wickets and young people line up to deposit their allowances into their Squamish Savings accounts.
The program is run by the students under the guidance of a board of directors made up of older students, who are either appointed by their teacher sponsor or elected by fellow students.
Once the students deposit their money, staff takes the funds to the Squamish Savings branch for processing. Students receive monthly statements at home in the mail and can withdraw the funds by going into the branch with a parent or legal guardian.
"It really teaches the value of saving and the students can watch their money grow. There also prizes as an added incentive," said Kathy McRadu, sponsor teacher.
The first Youth Credit Union opened in a Burnaby Elementary school in 1996 and Kliesch said students in the Lower Mainland have pulled together over $2 million in savings since then. Currently the program has been expanded into 25 schools across the Lower Mainland.
For Jennifer Paxton and Kathleen Wick, who sit on the youth credit union board of directors, the program makes math fun. Jennifer said she signed up because the program seemed like a good opportunity for someone who likes math.
"We've been taught how to fill out deposit slips and there are a lot of little kids making deposits. It is fun to talk with them," she said.
Perhaps a future banker in the making, Wick said it's fun to see the money add up week after week.
"There are some kids who are bringing $20 a week. The credit union also gives the school some money and we get to decide how it is spent," Kathleen said.
As part of the program, Kliesch said Squamish Savings has set up a bursary and grant component to be spent on items for the school.
"This is the first youth credit union in Squamish and we are hoping for more," Kliesch said.
