CU Youth Month Tip of the Week: Start a Family 401(k)

(The Financial Literacy Blog) – Talking to your kids about money?

If you want to guide your children on a path to financial success, consider discussing the importance of retirement funds early. If you’re able to, start a “Family 401(k)” plan for your kids. If they save away a dollar in their piggy bank, match it with your own dollar. With the understanding that saving $1 earns them $2, they may be more incentivized to save. They will soon understand the importance of saving, the power of matched contributions, and may be predisposed to signing up for a real 401(k) when they are working full-time later on.