Financial Lessons for All Ages

From our friends at OnPoint Community Credit Union

More multigenerational families are living together today than ever before. Even before COVID-19, the Pew Research Center found in 2018 that 64 million Americans were living in households with multiple generations under one roof. As families remain at home and continue to face financial uncertainty together, OnPoint encourages you to take this time to connect with all members of your family on money and finances.

Everyone can benefit from learning more about money. According to a Financial Industry Regulatory Authority study, 48% of Oregonians lack a rainy day fund, and 21% reported that their household spending exceeded their income over the past year. Meanwhile, more than 6 in 10 Oregonians wouldn’t pass a basic financial literacy test. These numbers show that no matter your age, it’s never too late to get started or brush up on your financial know-how.

Financial needs change throughout one’s life, so we have compiled the most important financial lessons for each generation to achieve long-term financial sustainability:

Children: Teach the value of money

How old were you when you understood the value of money? Little ones are likely to interpret the difference between a $5 bill and $50 bill as just an extra zero, not an order of value, but you can help them process that scale. Kids learn by doing, which makes role-playing an effective way to help them understand the value of money. Try turning your home into a shop. You’re the shopkeeper and your child is the customer with homemade money. Creating a tangible experience for children can improve their cognitive and problem-solving skills.

Take it a step further by opening a savings account for your kids to introduce the concept of putting money aside and making it work for them. Check out OnPoint Savers Account, our high-yield, big impact savings account for members 17 and younger. When you open your child’s membership with a minimum of $25, OnPoint will deposit an additional $55 and your child will continue to earn 5.00% Annual Percentage Yield on their first $500. To open a Savers Account for your child, visit

Teens: Instill perspective on future planning

Teens have many ideas about themselves, how they should be, or how they want to be seen by their peers. They have more experience with money and can make some short-term money decisions. However, they may need support in understanding the importance of planning for their financial future.

Provide some perspective by introducing them to Reality Check, an interactive tool offered by the Jump$tart Coalition for Personal Financial Literacy in partnership with the U.S. Department of Labor.  The online simulation asks teens a series of questions about the lifestyle they want in the future. It also helps calculate how much money they’ll need per hour, per week and per year, along with the jobs they’d need to sustain their preferred lifestyle. It is a great starting point for teens to understand cost of living and what workforce preparation options are available.

Adults: Evaluate and improve

As you enter adulthood, grow your family, acquire assets and face life’s changes, take time to continually evaluate where you are and where you want to go with your finances. While this can seem daunting at first, start simply. You can look into what financial education tools are available to you, such as OnPoint’s Enrich program. Building and evolving a financial framework to accomplish your life’s goals takes time, effort and financial understanding, but you will thank yourself later.

Seniors: Protect your life’s work

As you enter your golden years, it’s critical to protect what you have worked toward for your entire life. Remain vigilant against scammers who prey on seniors and ensure you are receiving good financial advice. Seek out reputable sources of information from your local financial institution, where they can refer you to licensed financial advisors in your area.

Building your understanding of money and finances will protect you and those around you in uncertain times—like today—to help your family achieve your future goals together. Click here to learn more about the many resources OnPoint offers to help you create and refine your financial goals. If you have additional questions, stop by any of our 36 branch locations located across Oregon and Southwest Washington.

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