Focus on Youth: A Quick Lesson In Global Accounting

NEW YORK – As credit unions around the nation gear up for National Credit Union Youth Week – April 14 through 18 – the following are some facts about allowances that might interest the youngest credit union members, as reported in Smart StartT Globe, a publication of the United Nations FCU. * Consistent in many countries, most allowances are tied to doing chores around the house. * In Thailand, allowances generally are given to only younger children (between age 7 and 10). * Japanese children receive a special allowance from parents and grandparents in January that is tied to celebration of the New Year. Called Otoshidama (Oh-toh-she-da-ma), the amount varies with age but might be as high as 5,000 yen for older children (approximately $250 in the United States, based on 120 yen per 1 US dollar). * More than 44% of American families do not give their children allowances. Those who do generally allot 50 cents for every year of the child’s age. * Despite the differences in how allowances are distributed or used, most parents around the globe agree that allowances are a good way to teach their children fiscal responsibility at an early age.