OMAHA, Neb., Sept. 4, 2012 /PRNewswire/ -- For some Omaha students, school is back in session today with a post Labor Day lesson on what to do with their hard earned money. Approximately 1,400 Omaha middle school students will participate in a program to learn about the importance of money, savings and investing, through an interactive comedy improv routine called Mad About Money.
Bank of the West sponsors this program through the National Theatre for Children who will perform at a total of four Omaha schools on September 5 and 6. This is the third year that the Bank has sponsored this program in Omaha. Performances in Omaha kick off a five-state tour that will reach over 10,000 students.
According to a recent survey by the American Institute of CPAs:
- 61% of parents pay an allowance to their kids with the majority beginning by the time their child is 8-years old.
- While the amount varies by age, the average allowance totals $65 a month or $780 a year.
- Only 1% of parents say their child saves any of that money.
"Young people today are active consumers with new and growing retail experiences available to them in-store, online and through mobile apps. With so many decisions about how and where to spend their money, early financial education continues to be a relevant life-long lesson," said Robert Dalrymple, executive vice president and head of Bank of the West's Great Plains Division.
The two-person National Theatre for Children troupe will portray a variety of characters in financial literacy scenarios, such as how to prioritize needs and wants, the difference between cash and credit and the importance of savings. In addition to the live performances, teachers and students receive educational materials such as teacher guides and workbooks containing home and online assignments.
Financial education is an important skill for families to support, especially if young adults are expected to transition toward independence and increased responsibility, such as for paying for cell phone use, extracurricular or weekend activities, car and insurance costs or college tuition. One of the findings in the AICPA study notes that "nearly half the parents surveyed said they expect to financially support their child until age 22 or older."
About Bank of the West
Founded in 1874, $62.7 billion-asset Bank of the West (www.bankofthewest.com), member FDIC and equal housing lender, offers a wide range of personal, commercial, wealth management and international banking services. The bank operates more than 700 retail and commercial banking locations in 19 Western and Midwestern states. Bank of the West is a subsidiary of BNP Paribas, which has a presence in 80 countries with nearly 200,000 employees.
SOURCE Bank of the West