Children's Savings Initiative

The Value of Saving...

Children’s Savings contributes to the social and economic development of children:  “Savings and ownership of financial assets, particularly earlier in life, can not only reduce economic volatility but lead to the accumulation of other financial assets. Savings and asset ownership can also induce positive changes in attitudes and behaviors (such as a future-oriented outlook, long-term planning, and more civic and political engagement in one’s community).”

-  page 2, Child Savings Accounts - A Primer, by New America Foundation

This image is a photo of students who participated and completed the Children's Savings Project in 2010, and of the staff of the Hawaii Community Federal Credit Union.

Success on Hawaii Island

In January 2010, the Children’s Savings Project started at two elementary schools on Hawaii Island, and two credit unions.  Early results showed that the children, especially those from low-income families, were saving and gaining other life skills that encourage positive financial behavior. At the same time, parents were heavily involved in helping their children to save by forming activities like recycling cans or completing chores, and were thinking of their own financial management.

This image is a photo of a parent and her children with their piggy banks.

This image is a photo of a parent and her children who signed up for the Children's Savings Initiative.