This content is sponsored by Apple Federal Credit Union.
A financially responsible population is crucial to a thriving regional economy. Apple Federal Credit Union and the Fairfax Economic Development Authority (FEDA) recognize this and are committed to fostering financial literacy from a young age, ensuring a robust and skilled workforce for the future.
Apple Federal Credit Union emphasizes that this financial literacy begins with a strong foundation at home. “We believe that parents are the primary educators when it comes to financial responsibility,” says Katie Knight, community engagement officer at Apple Federal Credit Union. “Our goal is to support parents in this role by providing the resources and tools they need to guide their children.”
The Fairfax Economic Development Authority is also committed to developing the workforce from a young age. “One of the things that we do that’s very different from a lot of economic development organizations like ours, is we work with Fairfax County Public Schools,” says Victor Hoskins, CEO of the Fairfax Economic Development Authority, “by taking students to businesses.”
Hoskins explains the importance of this exposure: “What happens is a lot of kids only see the job that their parent is doing, or their uncle does, or a neighbor. This gives them a broader view, and really what we want to do is inspire them to pursue careers that are in their local economy.”
“I think what Victor’s talking about is exposure, right?” says Knight. “That what the Economic Development Authority is doing鈥� working with the school districts to expose kids to other opportunities they might not see. And that’s so important because it preps them for work.”
That’s where the financial responsibility learning really kicks in. “We try to not just demonstrate all these different careers at any particular company,” Hoskins says, “but also the next phase is to get them into internships, which is the part where they actually get to practice in the workplace, getting prepared for work, going to and from work, and hopefully a paid internship where there’s actually a little bit of income. But I think that, of all things, really prepares them for life.”
Knight emphasizes the importance of this practical experience in developing essential financial skills. “This directly translates to personal finance, budgeting, understanding needs versus wants, and knowing how to responsibly leverage credit.”
To help parents instill these crucial skills, Apple Federal Credit Union recommends the following:
- Start with a checking account: Knight advises establishing a checking account for children as young as 12. Apple FCU allows parents to jointly manage these accounts, providing a valuable learning opportunity. “If we’re keeping that all centralized in a checking account, we’re able to check it, and in Apple’s app, you can actually visually see that through the budgeting tool in a really clear, concise way,” Knight says. This approach provides a safe and structured environment for young people to learn how to manage their own money, a significant step up from using simple money-transfer apps.
- Build credit early and wisely: As young people approach adulthood, typically around age 18, Knight stresses the importance of establishing credit. “It’s absolutely key for them to establish their own credit by getting a credit card,” she says. Apple FCU offers student credit cards with features designed to promote responsible credit management, such as fixed interest rates and low credit limits. “So kids can practice credit skills in a safe environment,” Knight explains.
- Gain work experience: Knight also believes that part-time work experience is invaluable for teenagers. “Some sort of a steady income” allows them to practice budgeting and develop essential workforce skills. These early experiences lay the groundwork for future financial success and responsible employment.
By working together, Apple Federal Credit Union, the Fairfax Economic Development Authority and parents can equip young people with the financial skills they need to thrive, contributing to a stronger, more prosperous community.
