Fun Money Facts to Share With Your Kids on 4/1/2022
April is National Credit Union Youth Month. Let’s encourage kids to develop healthy saving habits by making savings fun and exciting! Do you talk about money in a positive way with your children? Here are some fun facts that can be conversation starters:
- The use of metal money is hundreds of years old – starting with what experts believe was the “ingot” in Ancient Mesopotamia.
- Paper money was first used in China over 1,000 years ago.
- Paper bills got their start in the United States during the Civil War. When the Civil War was in full swing, people couldn’t count on things like jobs and property the way they had in the past. They held on to coins that were made from metals like silver and gold because their value was very stable which led to a shortage of coins. To deal with this shortage and finance what was necessary for the war, the government started printing paper money.
- Pennies are pretty expensive! A single penny in the U.S costs about 2.4 cents to make. This loss of money is one reason why some people have lobbied for the discontinuation of pennies.
- Money is made in factories called mints!
- The U.S dollar is the most commonly used currency in the world!
- The first Credit-Card like payment method appeared in 1950 when the “Diners Club” issued its first charge card.
- Before money existed, people used other systems to pay for goods, like bartering. For example, people would trade produce or livestock in exchange for services like carpentry or tailoring.
- Money is germy – wash your hands! Studies confirmed that as much as 94% of paper money in the United States have viruses or bacteria on it.
- The first coin design, the Fugio Cent, was designed by Benjamin Franklin. On it, it had the inscription “Mind Your Business” rather than “In God we Trust.”
Start Saving With Your Kids
Did you know you can open a savings account with your child? It’s a fantastic way to help them start to learn about saving and the process of banking. Simply visit any branch to open a savings account as joint owners (parent and child).
Did you know you can open a savings account with your child? It’s a fantastic way to help them start to learn about saving and the process of banking. Simply visit any branch to open a savings account as joint owners (parent and child).
Did you know you can open a savings account with your child? It’s a fantastic way to help them start to learn about saving and the process of banking. Simply visit any branch to open a savings account as joint owners (parent and child).
Older teens may qualify to open their own account — what a great way to start banking independently and learning financial responsibility!
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