Friday, May 1, 2009

Teach Children to Savey Day


Fergus Falls, MN 4/22/2009-Employees of Bremer Bank gave savings lessons to fifth grade students at Cleveland Elementary on April 8 and fifth and sixth grade students at Morning Sun Elementary on April 21 as part of the American Bankers Association Education Foundation’s Teach Children to Save Program.

Bremer employees joined thousand of bankers across the country who traded in their balance sheets for blackboards to help fill the need for financial education.

“Studies show that kids aren’t learning the skills they need to make smart financial decisions as adults,” said Clint Larby, personal banker at Bremer.“Communities and schools teach other life skills, such as driving a car, but we don’t spend enough time teaching financial skills. Bankers throughout the nation went to schools this month to help fill that gap and prepare future customers for financial success.”

The presentation included games and activities about the concept of saving, how interest makes money grow, how to budget and determining needs and wants. Since the American Bankers Association Education Foundation’s National Teach Children to Save Day began in 1997, thousands of bankers have taught money skills to more than one million students.

Bremer Bank offered the following tips to help parents make every day “Savings Day:”

Help kids open up their own bank savings account and make deposits regularly. Many banks, including Bremer, have children’s accounts that have no fee or minimum-balance requirements.
Make going to the bank fun! Some banks like Bremer have kids clubs where members get newsletters or receive fun toys when they make a deposit.

Kids love to get mail, so encourage them to keep an eye out for their monthly statement.
Talk to your child about the family budget. Include a discussion on wants and needs. Reinforce this by budgeting for a family outing or purchase.

While children know that money doesn’t grow on trees, they may think it comes out of a wall. Show them how an ATM machine works and explain that to take money out of the bank you must first put it in.
Give your kids positive feedback. As they get older, give them responsibility over how they spend their money.

The ABA Education Foundation, a nonprofit subsidiary of the American Bankers Association, is committed to developing and providing education programs that lead to financial literacy. The ABA Education Foundation’s National Teach Children to Save Day is held every April when thousands of bankers make presentations to students on the importance of saving for their future.

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