Teaching children how to save money can be a difficult task for parents. The Bank of Eastern Oregon is trying to help.
As part of the American Bankers Association Education Foundation's Teach Children to Save Program, Bank of Eastern Oregon teamed with local schools and thousands of bankers across the country to teach the concept of saving, how interest makes money grow, how to budget, and how to determine needs and wants.
The bank provided bright red piggy banks to 1,572 students in grades kindergarten through third throughout local banking communities.
"Studies show kids aren't learning the skills they need to make smart financial decisions as adults," said E. George Koffler, president and chief executive officer. "Communities and schools teach other life skills, such as driving a car, but we don't spend enough time teaching financial skills. Bankers went to local schools to help prepare our future customers for financial success."
Bank of Eastern Oregon offers the following tips to help parents make every day "Savings Day":
?Help kids open their own bank savings account and make deposits regularly.
?Kids love to get mail so encourage them to keep an eye out for their quarterly statement.
?Make going to the bank fun. Bring your child with you to the bank and help them deposit a dollar or more into their account. They'll be amazed how quickly their savings can build and learn a great lesson for the future.
?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.
?While children know that money doesn't grow on trees, they may think it comes out of a wall. Show them how an ATM works and explain that to take money out of the bank you must first put it in.
?Give your kids positive feedback. As they get older, give them responsibility over how they spend their money.