Educators Credit Union launches a free tool for parents to pay allowance while teaching financial literacy
MT. PLEASANT, WI (February 22, 2023) — Educators Credit Union announces the launch of Mind & Money, a digital tool that provides parents and guardians an easy way to pay allowance, assign chores, and teach financial lessons – with no monthly fees. Mind & Money also offers children and teens their own debit card that comes with parental controls and a spending tracker.
“You can never start teaching your kids about money early enough,” said Educators Credit Union’s Vice President of Digital Services Kimberly Schmidt. “My favorite part about Mind & Money is the budgeting section, which allows kids to create a budget with short-term and long-term savings goals, monthly spending goals, and charitable giving goals in an environment where it is okay to make mistakes. Kids who can make mistakes now are able to learn valuable financial lessons and not repeat those mistakes when they get older.”
At the heart of Educators Credit Union’s mission is a deep commitment to providing financial literacy. Mind & Money continues this legacy with a digital way for parents and guardians to:
- Teach real-world financial lessons.Mind & Money helps children and teens on their journey to becoming smart spenders and savers. They can learn the importance of money management, create and track savings goals and budgets, borrow money from parents with or without interest, and set financial goals.
- Reward children with real-time earnings.Mind & Money gives parents and guardians a convenient tool to pay and reward their children. They can earn allowance, receive money for doing chores and tasks around the house, and earn rewards for good grades and other accomplishments.
Mind & Money is available in the Educators Mobile Banking app or their Online Banking platform. To learn more about Mind & Money, visit www.ecu.com/mind-and-money.
About Educators Credit Union
Educators Credit Union is a not-for-profit financial institution serving more than 220,000 members. Since 1937, Educators has been dedicated to helping people make informed financial decisions through educating and advising. Educators is open to anyone who lives or works in southeastern Wisconsin. For more information, visit ecu.com.