April 24 is Teach Children to Save Day
WASHINGTON, April 23, 2012 /PRNewswire-USNewswire/ -- Thousands of bankers will host financial education events across the country this week as part of the 16th annual Teach Children to Save Day on April 24. Since 1997, the program, sponsored by the American Bankers Association Education Foundation, has reached some 5.1 million children with the help of more than 100,000 banker volunteers.
Financial education events will go on across the country with 1,622 banks of all sizes and charters participating. Participating banks are listed on the Teach Children to Save Honor Roll -- a list provided by Qualtrics online survey software. The Teach Children to Save program is also supported by its national partners: BBVA Compass; Citi; City National Bank, Los Angeles; Fifth Third Bank; First Bank, Troy, N.C.; NBT Bank; U.S. Bank and Wells Fargo.
While personal finance instruction has increased in schools, most young people are still not receiving enough education to be financially confident and capable. According to a recent survey, only 32 percent of American parents talk to their children regularly about personal finance. Moreover, 42 percent of Americans give themselves a grade of C, D or F when it comes to personal finance, according to another recent survey.
"The lack of financial education in this country puts young people at risk for costly financial mistakes and fraud," said Frank Keating, ABA president and CEO. "Bankers are working to reverse that trend one child and one lesson at a time. I'm proud of our industry and its longstanding commitment to community service."
For parents who want to get more involved in their child's financial education, ABA Education Foundation suggests the following resources:
- Your local banker. More than 1,622 banks in all 50 states participated in the Teach Children To Save program this year. You can find a participating bank on TeachChildrenToSave.com. If your bank isn't involved, tell them about the program and ask if they'd be willing to host a lesson for children in your community.
- Your local school. Talk to the PTA leaders or the school administrative staff about bringing education to the classroom or an after school program. Suggest getting the local bank involved.
- Your community partners. Find out what the local Boys and Girls Club, Boy and Girl Scouts, YMCA and library are doing in your community to promote financial literacy. Most offer programs to teach children the ins and outs of personal finance.
- Learn more about your state's requirements. Most states have some type of personal finance requirement. Check out Council for Economic Education's state-by-state report at councilforeconed.org for more information about what your state requires and to make sure your school is in compliance.
- Online resources. There are a number of online resources available for parents and kids. Visit TeachChildrenToSave.com for helpful tips and ideas. You can also visit MyMoney.gov which offers tips and links to other helpful sites including TreasuryDirect.gov/kids where you can find educational games for kids.
Parents interested in opening a children's savings account can look for a bank in their area on the Teach Children to Save Honor Roll. In addition, more than 300 banks are promoting savings accounts through incentives in support of an industry goal to open 100,000 children's savings accounts in 2012 known as the Race to Save (find a Race to Save bank in your community).
The ABA Education Foundation provides financial education programs and resources that help bankers make their communities better. More than 123,000 bankers have taught basic finance skills to some 5.2 million young people through participation in the Foundation's signature programs, Teach Children to Save and Get Smart About Credit. Founded by bankers in 1925, the foundation is guided by a board of bankers and is an affiliate of the American Bankers Association.
For more information, visit www.abaef.com or call 1-800-BANKERS.
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SOURCE American Bankers Association