Teach Children to Save!
April 28, 2017
For the past 3 years, Northwestern Bank has been visiting the Orange City and Sheldon 1st grade classes to encourage young people to start saving at a young age. This involvement is part of an American Bankers Association program, Teach Children to Save Day - an annual awareness day during Financial Literacy Month. Bankers demonstrate their community commitment by teaching young people the value of saving.
Northwestern 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 friends and family know about your child’s savings goal. They’ll be more likely to give cash for special occasions, which means more trips to the bank.
- Engage your community. Many schools, banks and community organizations share your commitment to creating a money-savvy generation. Engage a coalition of support to provide youth with the education they need to succeed.
The employees of Northwestern Bank have enjoyed going into the classrooms to do fun activities, read books, and share their knowledge to encourage children to start saving. “Being financially literate is one of the most important skills a young person can develop,” said John Heller, President, Northwestern Bank. “Through this program we can motivate students and instill positive habits at a young age, creating a community of lifelong savers.”