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April is National Financial Capability Month

April is recognized as National Financial Capability Month to highlight the value of financial education in improving the financial well-being of all Americans. Meritrust is proud to provide financial education resources as part of our mission to improve the lives of our members and the communities we serve. The Financial Well-Being team at Meritrust offers many avenues of free financial education, including one-on-one financial coaching, workshops and classes in the community, financial camps for kids and teens in the summer, and more. To highlight National Financial Capability Month, the Financial Well-Being team is talking about money!

Let’s Talk About $$

For many people, money can feel like a taboo subject. However, just like everything else, the more we talk about it, the more we will learn, and the more we learn, the more confident we will feel talking about it. Understanding financial basics is crucial to becoming financially healthy. Discussing topics like budgeting, building credit, and saving for emergencies with friends, family, and financial professionals can provide insight and strategies you may not have considered before. Talking with family and friends about your finances can reduce money stress and build relational trust, which improves your overall health.

Before you can have meaningful conversations about money with your loved ones, it’s important to get really clear about what your values are when it comes to money. We’ve created a Personal Values worksheet to help jump start those reflections. When we know what our values are, we can make money choices that align with those values, which leads to financial empowerment and growth.

Financial capability is about more than just numbers in a bank account. It’s about feeling confident in your choices, preparing for the unexpected, and creating a future you’re excited about.

Let’s Talk About $$ in Relationships

It can be difficult for partners to talk about money for a lot of complicated reasons. Individuals may have different expectations for handling money based on their upbringing or the attitude toward money in their homes as they grew up. They may have opposite “money personalities” – maybe one is a saver and the other is a spender. Sometimes this discomfort leads to avoiding the topic altogether to prevent potential conflict.

The truth is that talking about money with your partner can actually make things easier. When two people are committed to working as a team, they can bring their different perspectives and experiences to the conversation to make smarter decisions. Couples who talk about money regularly are generally happier, and most say that just having more open conversations helps prevent disagreements before they escalate.

Money personality differences can lead one partner’s “normal” financial choices to feel stressful or even irresponsible to the other. A common example is a couple where one individual is a saver and the other is a spender. Savers tend to view money as a source of security and are more frugal. Spenders tend to spend money more casually and impulsively. You can see how challenging it could be for these two personality types to agree on managing money! This could lead to stress, disagreements, guilt trips or even regret from one or both parties. For the sake of the health of the relationship, it’s important to discuss money matters up front and have a plan.

Begin with simple conversations about how money makes each of you feel, then move into a discussion about values—once you can talk about what’s important to each of you about money, look for where your money values overlap, and leverage that information to set goals together. Use the money values worksheet here as a jumping-off point to start that conversation. Decide what you want individually and what you want to work toward together.

If possible, create a budget together. A budget helps shift the conversation from feelings alone to a more rational look at your finances. From there, it’s easier to find common ground and create a plan you both feel good about. The spender gets to spend without guilt, and the saver gains peace of mind knowing there’s a clear path forward. And the more regularly you talk about money, the more natural and confident those conversations will feel.

To recap, here are the steps you’ll want to take in order to build a stronger relationship around money:

  1. Define your money values
  2. Start with one good money talk
  3. React with curiosity
  4. Learn how to save AND how to spend

Financial capability starts with getting clear about your money values, and it grows as you begin to have money conversations with the important people in your life. It may feel awkward at first, but just like every other worthwhile endeavor, talking about money takes practice. As you take the initiative to have those conversations, you’ll see your financial capability improve!

Let’s Talk About $$ with Kids

The earlier you start talking about money with your kids, the easier it will be to continue those conversations as they grow! In the same way that you want to teach your kids personal values when it comes to relationships and how they operate in the world, teaching them your money values can give them a jump-start to financial health.

Even pre-school aged children can start learning money habits and early math skills. The activities below use children’s natural curiosity to learn as well as their reward-orientated motivation to encourage their money awareness.

  1. Use a clear jar instead of a piggy bank to save money. They’ll be able to enjoy the tangible evidence as they watch it grow.
  2. Create a chore or simple money-earning task for your child. Then have them put some money aside for saving while allowing them to spend the rest on themselves or someone else. This will start to show them what items actually cost while reinforcing that they should always save first.
  3. Send your kids on a house and car scavenger hunt looking for loose change. Then you can either have them put the coins directly into their savings jar or they can sort the coins and put them into coin wrappers.
  4. Start a family game night with board games that involve collecting and spending money. Search online for versions of popular board games that have been adapted for younger players.
  5. Roleplay with your kids going to the grocery store, or to your financial institution. Let them fill out checks and deposit slips. You can even pretend they are running their own business. Use their natural creativity to engage them in play that plants seeds of financial responsibility.

Meritrust sees investment in the financial education of our youth as an investment in our future. Part of our commitment to our mission includes offering free financial camps for kids each summer, as well as accounts specifically for youth 12 and under. Contact a member of the Financial Well-Being team for more information on educational resources and opportunities for your kids. Start your kids down the path of financial empowerment by talking to them about money today!

Let’s Talk About $$ with Teens

The earlier you start talking about money with your teens, the easier it will be to continue those conversations as they grow into young adulthood. In the same way that you want to teach your teens personal values when it comes to relationships and how they operate in the world, teaching them your money values can give them a jump-start to financial health. Teens value honesty and authenticity. Share with them the financial mistakes you have made. They will appreciate your ability to admit you aren’t perfect. They may not take your advice off the bat, but you are planting seeds that will blossom later as they mature. Then consider the following tips for talking about money with your teens!

  1. If they don’t already have one, set your teen up with a checking and savings account. Your teen will gain the feeling of autonomy while still giving you some oversight on their spending habits.
  2. Encourage them to think of some large, but fun purchase they want to make. It can be anything from saving for prom, buying a new car, or going on a spring break trip. Help them budget for the expenditure and think of creative ideas to earn the money for it. If they know they will be spending their money on something fun, they will be more likely to save for it. If you’re able, you can even match their savings as a reward for their discipline and focus.
  3. Find an online investment simulator geared for teens. A simple google search can find a few programs, some even allow teens to earn dividends. Whether real or a simulation, these programs are simplified investment plans to teach teens how to invest, buy, sell, and trade on stocks. If you have more than one teen, you can turn it into a simulated competition to see who can earn the most.
  4. Help your teen research the costs of colleges and the starting salaries of the career path they are considering. Have your teen look up the cost of the college tuition, living costs and books for the college they’re hoping to attend. Then, compare those numbers with the starting salaries for their dream job. This may be a huge reality check for some teens. You can use the opportunity to discuss their education goals and the best ways to pay for tuition and books. Student loans, scholarships and part-time jobs can all be part of the discussion.

Meritrust sees investment in the financial education of our youth as an investment in our future. Part of our commitment to our mission includes offering free financial camps for teens each summer, as well as accounts specifically for teens ages 13 to 17. Contact a member of the Financial Well-Being team for more information on educational resources and opportunities for your teens. Start your teens down the path of financial empowerment by talking to them about money today!

Let’s Talk About $$ with Parents

We become more financially vulnerable as we age, and it’s crucial to have conversations with our older family members about their financial health, especially as they near retirement. It may feel awkward to bring the subject of money up with aging parents, especially if this isn’t something you’ve talked about in the past. The best thing you can do to protect your older family members is to have the conversation.

A great place to start is to talk about your own financial journey. Tell your parents what you’ve learned about your own money values, and tell them about talking to others about money. Ask them about their own money values, and how those values have played out in their money story. If you start these conversations before your parents retire, you’ll be there to help them safeguard against common retirement pitfalls. Understanding the most common mistakes—and how to avoid them—can help ensure their retirement years remain financially stable.

Here are some key financial traps to watch for:

1. Underestimating life expectancy
Many retirees plan for 20 years in retirement, but average life expectancy continues to rise. Planning for a longer retirement—possibly 30 years or more—reduces the risk of outliving your savings.

2. Claiming social security too early
While you can claim benefits as early as age 62, doing so results in a permanent reduction in monthly income. Delaying benefits until full retirement age or beyond can significantly increase your lifetime benefit. Evaluate your health, income needs, and expected longevity before deciding.

3. Not adjusting for inflation
Inflation slowly erodes your purchasing power. If your income doesn’t keep pace, even basic expenses can become difficult to manage over time. Choose investments and withdrawal strategies that consider inflationary impacts.

4. Being too conservative—or too aggressive—with investments
Overly conservative investments may not provide the growth needed to sustain your savings, while high-risk investments can lead to losses that are difficult to recover from. A balanced portfolio aligned with your risk tolerance and time horizon is essential.

5. Overlooking healthcare and long-term care costs
Many retirees are surprised by out-of-pocket medical expenses, even with Medicare. Long-term care, in particular, can be financially draining. Consider insurance options or dedicated savings to cover these costs

6. Failing to budget or track spending
Without a clear plan, it's easy to overspend in the early years of retirement. A realistic budget—combined with periodic reviews—helps ensure your resources last throughout retirement.

Avoiding retirement pitfalls starts with awareness and proactive planning. By identifying risks early and building flexibility into your plan, you can make the most of your retirement years. Meritrust is here every step of the way, providing financial education resources, one-on-one financial counseling, and wealth management services to support you and your parents make financial choices that align with your money values.

Let’s Talk About $$ with Meritrust

Once you’ve established your money values and start having those meaningful money conversations, you’re going to notice a shift in how you view your money. Meritrust is here to help at every step of your financial journey. For more information about our financial education resources, you can visit our financial education page. When you’re ready to take the next step, we are ready to help you save, spend, borrow, and plan!