Parents Give the Gift of Financial Independence

SEATTLE, Dec. 31, 2010 /PRNewswire/ -- Thousands of school savings programs that were marooned when Washington Mutual was acquired by Chase Bank are being resurrected by parents and teachers that believe learning to save is the first step to securing a child's financial future.  Finance Professor Lewis Mandell, an expert on financial literacy at the University of Washington, strongly endorsed school-based programs that encourage savings at an early age. "My first bank account was opened for me in my elementary school in New York City.  Ownership of my own account and my own money helped me establish a savings habit that has stayed with me my entire life. Every youngster should be given this opportunity."

The life preserver thrown to thousands of displaced schools was Websaver® Universal, a free, bank independent program and growing segment at SCHOOLSAVINGS.COM, the nation's largest school savings program. "Since 2008, independent School Savings Programs have increased nationally by more than 100 percent including resumptions in California, Washington, Georgia, Rhode Island, New York and Texas." said Sherry Avena, Chief Executive Officer at School Savings.

Websaver® Universal is a state-of-the-art online school banking program managed by volunteer parents. It enables students with an account at any bank or credit union to make deposits into their savings account from school.

Parents and schools wishing to restart or start a new School Savings Program may do so at SCHOOLSAVINGS.COM by clicking the Get My School Started tab and electing to become a Champion. Schools banking by April 1st will be able to participate in national incentives and contests during April Financial Literacy Month. The program is funded through local sponsorships and community partnerships. SCHOOLSAVINGS.COM is currently selecting community partners for 2011. Please contact SCHOOLSAVINGS.COM for more information or to support school savings programs in your community call 1-888-787-7728.

SCHOOLSAVINGS.COM is a social enterprise that empowers parents, in cooperation with schools and financial institutions, to re-instill the habit of saving in their children. The program has been used in more than 5000 schools since 1982.  It provides a secure, innovative, affordable and convenient way for students to make savings deposits from school. It is the only school banking program approved by the US Department of Education. Visit SCHOOLSAVINGS.COM .  For assistance registering or sponsoring schools, contact [email protected] or call toll free 1-888-787-7728.

SOURCE SCHOOLSAVINGS.COM