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Financial Education Tips For Children & Teens

Children and Teens who are introduced to financial education are better equipped to live independently. By teaching our youth to make good financial decisions, they learn to pay down debt or avoid it altogether. Essentials like Need vs Want to how banks, loans, credit cards, and how an account works can be daunting to most people, including most children. Unfortunately, the complexity of the banking world is not discussed in most schools. However, parents can teach their children financial literacy through small day-to-day tasks. With the following tips, parents can help their children learn skills that will carry them through their lives.



Pearl Hawaii has options for you to help your child or teenager open an account. Dealing directly with a financial institution can give children valuable knowledge about the world of finances. The child can learn to save and budget with parental guidance. Pearl Hawaii offers Momi’s Money for children up to 12 and our Teen Debit & Checking account for those 13 to 17.



Games come in all ages and types. There are board games or games to use on a device. While some of them are free, others have a low cost. Financial literacy games are for kids of all ages too, from elementary school to college-age students.

Pearl Hawaii Federal Credit Union is dedicated to providing financial literacy to Oahu, our communities, and our members. Due to economic changes, it has become important for consumers to understand basic financial fundamentals. Over time, financial literacy can have a positive impact on the community.

Pearl Hawaii is proud to bring you Banzai! Banzai is an award-winning financial literacy program used by millions of students throughout the United States. The program curriculum includes three different programs that the whole family can learn from and enjoy: Banzai Junior (ages 8-12), Banzai Teens (ages 13-18), or Banzai Plus for adults.

These programs are absolutely free for you to use.


Children can deposit money they have earned into their account and use their funds to spend on their needs like clothes, health care products, and food. You can teach them to portion the amount of their savings on items like game credits or toys. Teach them to look at their banking statements to see how much money they have left. Have them analyze their spending to determine how to help avoid unnecessary debts. Do they want a toy that they do not have enough for? Teach them how a loan works and charge them a few dollars in interest.



Explain to your child that money can be used to help others that are not as fortunate as them. Ask your child to pick a cause they would like to support and donate a small amount to that cause. Additionally, ask your child to clean their room, clearing away clothes and items they no longer use for charity.



Give your children odd jobs around the home and pay them for work done. Wash windows, mow the lawn, wash the car… Give them a task that you need to be done that is not their normal responsibility. For example, they are responsible for cleaning their room and their own laundry, but you will pay them to pick the weeds. Use PHFCUOnline, a free online banking service for all members, to teach them to watch spending and savings. PHFCUOnline allows members to categorize and track their spending and savings habits. Additionally, you will be able to teach your children how to use our app, how to make a deposit, or how to set fraud alerts.



With younger children, you should teach your child to save while using the account. Momi’s Money was created to teach children the value of saving money and rewarding them for goals met. On occasion, parents like to deposit large sums of money for their children. Unfortunately, this does not teach them the value of money or how to save. For larger amounts, we strongly suggest also opening a Jumbo Savings Account or a Coverdell Education Savings Account with/for your child.

For older children, you should teach them how to use a checking account, including how to use SnapDeposit for checks, effectively manage their money, and avoid paying fees. Also, talk with them about why saving a portion of the money they earn makes sense for their future. Additionally, teaching about money also includes the dangers of fraud. Talk to them about the importance of keeping their account secure, identity theft, and rest easy knowing that you are guiding them along the way where you will receive alerts and have controls via an app.