Teach Children To Save

Thousands of banks recognized April 23 as the 17th annual ‘Teach Children To Save Day.” The day is part of a weeklong financial education program, and is sponsored by the American Bankers Association (ABA).  The goal of the campaign is to teach children about the importance of saving, and also to teach parents about proper ways to explain the complicated concept of money.

According to statements from the ABA, over 5.6 million children benefitted from the program since it first began in 1997.  This year’s program includes 4,300 bank branches as willing hosts of the educational events, which includes many of the country’s largest financial institutions such as Citi National Bank and Wells Fargo.  The ABA expects that over 121,000 bank employees will volunteer their time to coordinate the educational activities this week.

Frank Keating, President and CEO of the ABA, says one of the objectives of the campaign is to inform children that money matters, and that asking questions about money, whether in school or at home, is important.  Since the program began, there are more financial education classes across the US, but there is much progress still to be made.  Keating believes Teach Children To Save is a collaborative effort that is the responsibility of banks, parents, and schools to prepare children for the realities of the future.

“Bankers use this program to build a solid financial foundation for each student one lesson at a time.  I'm proud of our industry and its longstanding commitment to improving financial literacy.”

Keating recognizes that some parents consider money a difficult subject to discuss with their children.  He advises parents that the best way to teach is to get involved with their children’s lives.  Join the PTA to help promote financial literacy in class, or speak with community chapters such as the local YMCA to make financial learning fun and engaging for children.

The ABA firmly believes it is never too early to teach children how to be financially responsible.