In the Community: Bankers Teach Students to Pinch Pennies

Bankers traded their balance sheets for white boards as they taught students how pinching pennies can save the day in celebration of the 20th anniversary of National Teach Children to Save Day.

“We’re proud to help support what parents and local schools are already doing to promote financial literacy so that kids will grow up to be superheroes of saving,” said Zions Bank President and CEO Scott Anderson, who taught 24 fifth-grade students at Salt Lake City's Jackson Elementary School on April 27.

Nearly 90 Zions Bank employees in Utah and Idaho visited local schools to teach more than 7,000 K-12 grade students for the event. National Teach Children to Save Day is an outreach program of the American Bankers Association Education Foundation.

Bankers chose from a variety of lesson plans from the American Bankers Association, with topics covering everything from keeping money safe and distinguishing between needs versus wants to learning about different types of savings vehicles and how to effectively budget.

According to a 2015 study by GOBankingrates.com, 62 percent of Americans don’t have enough savings to handle the unexpected bumps of life, such as emergency hospital visits or expensive car repairs.

Luckily, more parents are talking to their kids about savings and finances, according to a 2016 study released by Everfi. But only 43 percent of parents who talked about the basics of finance with their children felt well-equipped to do so.

Bankers know how important it is to teach kids at an early age that savings are important. When it comes to life’s ups-and-downs, having some savings put aside really can save the day.

Photos courtesy of Zions Bank