A financially responsible population is crucial to a thriving regional economy. Apple Federal Credit Union and the Fairfax Economic Development Authority recognize this and are committed to fostering financial literacy from a young age, ensuring a robust and skilled workforce for the future.
At Apple FCU, we emphasize 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, Apple FCU's Community Engagement Officer. "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 (FEDA) is also committed to developing the workforce from a young age. Victor Hoskins, President and CEO of FEDA, explains their role in students' financial education. "One of the things we do that's different from a lot of economic development organizations like ours, is we work with Fairfax County Public Schools 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… 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."
By working with FEDA to expose kids to career opportunities that are not immediately apparent to them, Fairfax County schools are inspiring our students to think bigger and prepare for the workforce.
"The next phase is to get them into internships, which is the part where they actually get to practice in the workplace… hopefully a paid internship where there's actually a little bit of income," says Hoskins.
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."
How You Can Help Your Student Learn About Money
Start with a Checking Account
One of the best ways to teach kids how to manage their money is to open a checking account for them. At Apple FCU, kids as young as 12 can open an eXtras Student Checking account, which parents can jointly manage through Apple FCU Online and Mobile App.
Additionally, opening and responsibly managing a checking account helps students start building their financial history, which can be an advantage when applying for loans or other financial products in the future.
Build Credit Early and Wisely
As young people approach adulthood, typically around age 18, it's important for them to start building their credit.
Apple FCU offers a Student Credit Card with features designed to promote responsible credit management, such as fixed interest rates and low credit limits, to help students spend wisely.
Apple FCU offers a Student Credit Card with features designed to promote responsible credit management, such as fixed interest rates and low credit limits, to help students spend wisely.
Gain Work Experience
Part-time work is also an invaluable experience for teenagers. By earning a steady income, they can practice budgeting their paychecks and develop skills that are essential once they enter the workforce full time.
These early experiences lay the groundwork for future financial success and responsible employment.
By working together, Apple FCU, 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.
