Teach Children to Save Day
Conversations about money aren’t always easy, but they’re critically important.
Children start developing attitudes toward money at a very young age -- as early as five years old, according to one study. That’s why Zions Bank dedicates time and resources to financial education efforts across our Idaho and Utah footprint.
Since 2002, Zions Bank employees have volunteered for the American Bankers Association’s National Teach Children to Save program to teach nearly 200,000 K-12 students the ABCs of saving.
This year, we created an interactive video lesson for teachers, parents and caregivers to share with children. In this short video, geared toward third-grade through fifth-grade students, a team of undercover agents join Zions Bank President CEO Scott Anderson and Executive Vice President Rob Brough on a secret mission to fight money mistakes.
Watch the lesson here:
The American Bankers Association offers additional interactive lessons and tips to help kids build lifelong financial skills.
It’s never too early to start teaching children to save
Here are some ways parents, grandparents and caregivers can start the conversation.
At the bank. When you go to the bank, bring your children with you and show them how transactions work. Ask the branch manager to explain how the bank operates, the importance of saving, and how money generates interest.
On payday. Discuss how your income is budgeted to pay for housing, food and clothing, and how a portion is saved for future expenses such as college tuition and retirement.
At the grocery store. Help your children understand what various items cost. Give them a budget and a shopping list and see how they do. Explain the benefits of comparison shopping, coupons and store brands.
At the dinner table. Ask your child or grandchild where various foods come from. The likely response is “the store.” Then ask where the money to pay for these items comes from.
On family outings. Involve kids in the financial side of planning for a family outing or vacation. Consider setting aside a fixed amount for things like snacks, concessions or souvenirs and letting children and teens help decide how to spend the allotted funds.
Paying bills. Let children take part in paying the monthly bills. Explain the many ways that bills can be paid: over the phone, by check, electronic check or online check draft. Discuss how each method of bill pay takes money out of your account. Be sure to cover late penalties, emphasizing the importance of paying bills on time.
Using credit cards. Explain that credit cards are a loan and need to be repaid. Show them how each month a credit card statement comes in the mail with a bill. Go over the features of different types of cards, such as ATM, debit and credit.