Bankers across the state set out to help build the next generation of savers
SALEM, Ore., March 5, 2012 /PRNewswire-USNewswire/ -- Oregon Governor John A. Kitzhaber has officially proclaimed April 24, 2012 as "Teach Children to Save Day" in Oregon. The Governor bestowed this proclamation in support of the many Oregon banks participating across the state in teaching "real life" lessons about money to children. The Oregon Bankers Association (OBA), in conjunction with the American Bankers Association Education Foundation (ABAEF) on a national basis, is sponsoring the 16th annual National Teach Children to Save Day.
Oregon bankers will carry out Teach Children to Save presentations throughout the month of April, incorporating games and activities into lessons on the concept of saving, how interest makes money grow, how to create a budget, and how to differentiate between needs and wants.
Studies show that most students are not learning about money management through coursework in school. Banker presentations, such as those carried out on Teach Children to Save Day, play an important role in filling in these gaps. Parents can do their part too. Following are tips the Oregon Bankers Association offers to help parents make every day "Savings Day":
- Help kids open up their own bank savings account and make deposits regularly. Many banks have children's accounts that offer no‐fee and no‐minimum balance.
- Make going to the bank fun! Some banks have kids clubs where members get newsletters or receive balloons when they make a deposit. If your bank doesn't offer this, use another positive reward.
- Kids love to get mail, so 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.
- Give your kids positive feedback. As they get older, give them responsibility over how they spend their money.
"The Teach Children to Save program is an opportunity to focus on teaching Oregon kids one of the most fundamental financial skills that will help them throughout their lives – how to save for their needs and wants," says Linda Navarro, president and CEO of the OBA.
In addition to supporting Teach Children to Save Day, the OBA is involved in several other initiatives aimed at increasing the financial literacy of Oregonians. These include:
- Partnering with EverFi, a leading education technology company, to bring their innovative financial literacy platform to schools in Oregon through bank sponsorships. Learn more at www.oregonbankers.com/everfi.
- Developing the online Financial Education Resource Guide. This website contains resources and tools to manage all aspects of one's financial life. View online at www.oregonbankers.com/financial_education.
- Sponsoring financial education initiatives such as Get Smart About Credit Day, a national effort to teach teens the responsible use of credit, and Money Smart Week Oregon, a public awareness campaign designed to help consumers better manage their personal finances. Learn more at www.oregonbankers.com/community/financial_literacy.
About The Oregon Bankers Association
Established in 1905, the Oregon Bankers Association is Oregon's only full‐service trade association representing state and national commercial and savings banks chartered to do business in Oregon. More information is available at www.oregonbankers.com.
SOURCE Oregon Bankers Association