WARRENTON, Va., April 24, 2013 /PRNewswire/ -- Fauquier Bankshares, Inc. (Nasdaq: FBSS) - The Fauquier Bank partnered with two local schools to celebrate 'Teach Children To Save Day' on April 23rd and 24th, 2013. Second grade students from C.M. Bradley Elementary and Brumfield Elementary in Warrenton, VA explored financial topics that included needs and wants, spending and saving, donating, investing, setting goals, and budgeting. Established by the American Bankers Association Education Foundation in 1997, the 'Teach Children to Save' program has reached more than 5.6 million young people through the commitment and efforts of 121,000-plus banker volunteers.
"This program gives us the opportunity to share our life experiences and banking knowledge to motivate students to become lifelong savers," said Randy K. Ferrell, President and CEO of The Fauquier Bank.
The Fauquier 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 them make mistakes. As they get older, give them responsibility over how they manage their money. When they make mistakes, use it as a teachable moment to discuss the right way to handle money.
In addition to the elementary school program, The Fauquier Bank sponsors a money management education program for Fauquier County middle and high schools. The Financial Literacy Project has been made available to teachers without cost, and has recently been expanded to include a program on loans, credit, and insurance. Through these educational initiatives, students learn techniques and responsibilities associated with managing personal finances. Topics covered in the program include how to maintain a checking account and balance a checkbook, understanding and managing debit and credit cards, how to achieve credit worthiness, the basics of consumer loans and valuable budgeting skills.
The objective of these financial education programs is to provide students the information needed to become educated, responsible consumers and to help them understand how the financial decisions they make today will impact their future.
"The Fauquier Bank is proud to sponsor financial literacy community projects. Providing this fundamental education for our young citizens is an essential part of helping them build personal economic stability as well as a valuable aid in strengthening the future of our community," said Mr. Ferrell.
If your school would like to participate in 'Teach Children to Save Day' in 2014, please contact Diane Wilson at (540) 347-2700 or email [email protected].
Fauquier Bankshares, Inc. and its principal subsidiary, The Fauquier Bank, had combined assets of $601.4 million and total shareholders' equity of $47.7 million at December 31, 2012. The Fauquier Bank is an independent, locally-owned, community bank offering a full range of financial services, including internet banking, commercial, retail, insurance, wealth management, and financial planning services through ten banking offices throughout Fauquier and Prince William Counties in Virginia. Additional information is available at www.fauquierbank.com or by calling: (800) 638-3798.
SOURCE Fauquier Bankshares, Inc.