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Empowering Families: How credit unions can lead the charge in youth financial literacy

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By Goalsetter
October 28, 2024

As the need for financial education grows, parents across America are searching for tools to equip their children with the skills needed to manage money effectively. Credit unions, with their community-first focus, are ideally positioned to step up and meet this demand. By partnering with innovative platforms like Goalsetter, they can provide engaging financial education and tools that help the next generation build wealth and make informed financial decisions.

Parents today understand that teaching financial literacy to their children is essential. Financial habits formed early can influence long-term success. A study found that children with savings accounts are six times more likely to attend college and four times more likely to own stocks by age 25. This underscores the importance of exposing children to smart financial practices from an early age.

However, many families struggle to find effective resources. As a result, there is a growing demand for youth-friendly financial education that is both accessible and engaging. This is where credit unions, through partnerships with platforms like Goalsetter, can play a crucial role.

Credit Unions: The ideal partners

Credit unions, which focus on member well-being, can enhance their value by adopting tools that educate younger members about financial responsibility. Goalsetter, an award-winning1 fintech platform, offers a suite of services, including NCUA-insured savings accounts2, teen and tween debit cards3 with parental controls, and interactive financial literacy quizzes. These tools are designed to make financial education engaging for kids while providing peace of mind for parents.

Tanya Van Court, founder and CEO of Goalsetter, emphasizes the transformative potential of this partnership: “We know that generational wealth is not attainable without generational knowledge. Our platform is designed to transform family finance by teaching kids and parents the money lessons that will set them on the path to financial freedom.”

Goalsetter’s offerings, including the popular “Learn to Earn” and “Learn Before You Burn” features, make financial literacy fun and impactful. These programs reward children for answering quiz questions correctly and help parents monitor their children’s financial learning, fostering ongoing engagement with the platform.

Goalsetter’s innovative approach to financial education has proven highly effective. On average, students who engage with Goalsetter’s classroom curriculum see a 43% improvement in financial literacy, with many achieving mastery scores as high as 90%. The platform’s focus on real-world skills, paired with interactive tools, ensures that children not only learn about money but also apply their knowledge in meaningful ways.

These features have been particularly successful in helping credit unions build stronger relationships with younger members. By offering Goalsetter’s platform, credit unions can cultivate long-term loyalty and increase deposits as young members grow. More importantly, they position themselves as essential partners in the financial education journey, giving parents confidence that their children are receiving high-quality financial instruction.

One of the biggest strengths of Goalsetter’s platform is its ability to bring financial education into the home. The platform uses pop culture references, memes, and games to make complex financial concepts more relatable for children. This approach not only engages kids but also encourages parents to become more involved in the conversation about money, creating an opportunity for families to build financial knowledge together.

“Our mission is to empower the youth of today to fulfill their dreams of tomorrow,” says Van Court. “Through Goalsetter, families are able to have fun with financial education while learning critical skills that will set them on the path to building generational wealth.”

Credit unions have a unique opportunity to lead the way in youth financial literacy. By adopting platforms like Goalsetter, they can offer families a robust suite of financial education tools that are both fun and effective. These tools not only foster a deeper connection between credit unions and younger members but also contribute to closing the wealth gap by helping kids become savers, investors, and financially responsible adults.

In a world where financial literacy is essential, credit unions must take the lead in providing the next generation with the knowledge and tools they need to succeed. By stepping up, they can ensure a brighter financial future for families and communities alike.

Connect with Goalsetter to learn more.

1Goalsetter is the recipient of the Fast Company 2022 Brands That Matter - Finance award published October 25, 2022 for the period of January 1, 2021 through December 31, 2021. Participation in the review is voluntary and requires a fee of $695 USD. Fast Company editors judged each brand on relevancy, cultural impact, ingenuity, and business impact to compile the list.
2Goalsetter is a fintech and not a bank. Banking services are provided through participating credit unions, members of the NCUA.
3Savings and debit cards are issued through participating credit unions.

About Goalsetter

Founded by Tanya Van Court in 2016, Goalsetter is an education-first family finance and technology platform offering credit unions a 360° solution for reaching their next generation of members. A former Nickelodeon and Discovery Education executive, Tanya had a long career trajectory in creating digital products, but it wasn't until her 8-year-old daughter asked for an investment account and a bike for her ninth birthday that she realized her true calling. In that moment, she knew if she could get every kid in America to become a saver and investor instead of a consumer, she could change the world. And so, Goalsetter was born.