Boys and girls making their communion in recent weeks will have experienced their first taste of ‘big money’ and the credit union is now offering advice on how to make this money go far. Mr Paul Walsh, CEO of CUNA Mutual, the credit union insurer, said that Holy Communicants receive hundreds and thousands of euro on their big day and is now encouraging parents to have their eight and nine years olds lodge their cache as savings.
“Thousands of young children will experience their first introduction to the world of finance and will be in a position to put their money into banks, building societies, post offices or credit unions.”
Manager of a leading credit union, Kurt Kelly, added: “Since we started a schools programme targeted at encouraging young children to save, we’ve seen more open accounts with the credit unions. Now, more and more young people are opting to put their new-found wealth into their local credit union as it’s a fun, local, and safe place for their savings,”
A factor to consider for budding entrepreneurs is that their track record with the credit union movement will start from this time and work in their favour when they apply for loans in the future, added Mr Kelly.
“All the major banks in Ireland have had to be bailed out by the Government or by their international owners. However the credit union movement has remained strong in terms of business and the trust of its members. They have been the most important source of credit in Ireland during 2009 and handled more loans than the banks. While the total value of credit union loans are less than banks, their volume is increasing. They have a major role to play in the recovery of the personal finance sector in Ireland.
“As we watch the thousands of young boys and girls with their Holy Communion medals proudly displayed we should be mindful that the future role and style of the financial services rests in their hands as they decide on a cash for profit approach of publicly quoted banks or a long term, safe mutual approach of credit unions.”
