May 22, 2015 - Teach Children To Save Day
(Yuma, AZ) Mohave State Bank partnered with Alice Byrne Elementary School to celebrate Teach Children to Save Day with savings education on May 18. More than 50 local 4th Graders explored financial subjects such as; Wants versus Needs, the Law of Supply and Demand, Budgets and Comparative Shopping.
Established by the American Bankers Association, the Teach Children to Save Campaign has reached 7.2 million young people through the commitment of 210,000 banker volunteers.
“Financial capability is the combination of attitude, knowledge, skills, and self-efficacy needed to make and exercise money management decisions,” said Jeff Byrd, Business Development Officer at Mohave State Bank. “Through this program we can motivate students and instill positive habits at a young age, creating a community of lifelong savers.”
After the lesson, Byrd held a quiz and rewarded correct answers with gold dollar coins. “I have been lucky to present this program for 7 years in a row and it is truly my favorite banking day of the year, the kids really get into the subject matter due to the gold dollar coins”, commented Byrd.
Mohave State Bank offers the following tips for money-savvy parents raising money-smart kids:
- Set the example of a responsible money manager by paying bills on time, being a conscientious spender and an active saver. Children tend to emulate their parents' personal finance habits.
- Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions, and be prepared to answer them – even the tough ones
- Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
- Open a savings account for your children and take them with you to make deposits, so they can learn how to be hands-on in their money management.
- Let friends and family know about your child’s savings goal. They’ll be more likely to give cash for special occasions, which means more trips to the bank.
- Engage your community. Many schools, banks and community organizations share your commitment to creating a money-savvy generation. Engage a coalition of support to provide youth with the education they need to succeed.
Read more about Teach Children to Save on the American Bankers Association website!