As young people prepare to head off to college or step into adulthood for the first time, many are beginning to manage their finances independently from their parents. This phase is crucial for high school and college students to establish foundational money habits that will guide them through the transition to financial independence.
This is a valuable opportunity for your credit union to help students build financial habits and attract younger members. By offering the right tools and resources, you empower students to manage their money confidently while positioning your credit union as a trusted financial partner.
Explore the key digital banking tools your credit union can offer to empower high school and college students on their financial journeys.
Top Digital Banking Features to Help Students Manage Their Money
1. Round-Up Saver: A Smart Tool for High School Students
The Round-Up Saver is an excellent tool for teaching high school students the value of saving, even when they have limited income.
While many students may struggle to set aside substantial amounts, this feature allows them to start small by rounding up everyday purchases to the nearest dollar and depositing the difference into their savings.
By incorporating this habit early on, they can gain a sense of financial responsibility and see firsthand how small contributions can add up over time. The Round-Up Saver is not only practical for young members but also reinforces important financial principles they can carry into adulthood.
2. Credit Score Checker & Improver: Empowering Young Members
Building a strong credit score is essential for young people, as it can unlock opportunities for…
- Better financial terms
- Better interest rates
- Future living arrangements
Many high school and college students are just beginning to establish their credit, making it crucial for them to monitor and improve their scores early on.
Offering a credit score checker as part of your digital services enables young members to track their credit history and understand the factors that influence their score. With regular access to this tool, students can take proactive steps to improve their credit, whether by making on-time payments or reducing debt.
By helping young members develop healthy credit habits, you set them up for long-term financial success.
3. Mobile Banking: Convenient Financial Management at Your Fingertips
Mobile banking offers young members a simple and efficient way to manage their finances on the go. With just a few taps, users can easily…
- Check their account balances
- Monitor transactions
- Stay updated on their financial health
This level of accessibility makes it convenient for students and busy individuals to keep tabs on their accounts in real time. Additionally, mobile banking helps users quickly identify any suspicious or fraudulent activity, enabling them to take immediate action and protect their financial security. Whether it's tracking spending or ensuring account safety, mobile banking provides the tools members need to stay in control of their finances anytime, anywhere.
4. Savings Goals & Notifications: A Great Starting Point for New Savers
Setting savings goals is a crucial first step for new savers, and digital tools that offer goal-setting features with notifications make it even easier.
This tool helps young members, especially those preparing for college, learn how to establish clear financial goals and track their progress. Possible goals can be...
- Tuition
- Textbooks
- First car
- Mini emergency fund
The notification feature serves as a gentle reminder, encouraging consistent saving and reinforcing the importance of discipline in reaching long-term financial objectives. By learning how to set and meet savings goals early, young savers can develop habits that will benefit them well beyond their college years.
5. Income and Expenses Tracker: Building Strong Financial Habits Early
Learning to track income and expenses is a vital skill for developing good financial habits. Starting with small, manageable steps allows young members to gain control over their finances early on.
By using an income and expenses tracker, they can monitor where their money is coming from and how it's being spent, laying the groundwork for responsible financial management. This habit helps users budget more effectively and prepare for the more complex financial situations they’ll encounter later in life.
With consistent tracking, members can make informed decisions, avoid overspending, and set the stage for long-term financial stability.
Help the Rising Generation Manage Their Finances with FLEX
At your credit union, the goal is to empower your members to confidently shape their financial futures. This is where FLEX steps in. Our integration with SavvyMoney equips your members with the tools to monitor and improve their credit scores while also offering financial education to boost their financial literacy.
Ready to enhance your digital offerings and support the next generation? Click the button below to learn more about our SavvyMoney integration today!
