It’s Never Too Early to Learn to Save
Teach Children to Save Day
For more than 20 years, Zions Bank employees have visited K-12 schools throughout Idaho and Utah to celebrate Teach Children to Save Day. Recently, more than 100 Zions Bank employees taught thousands of students lessons, such as the difference between needs and wants, how to identify expenses and ways to cut spending.
Established by the American Bankers Association Foundation in 1997, Teach Children to Save and the foundation’s other financial education initiatives have reached 10.5 million young people through the commitment of more than 260,000 banker volunteers.
“Familiarizing students with financial education fundamentals at an early age puts them on a path to becoming smart money-managing adults,” says Rob Brough, executive vice president of Zions Bank’s Corporate Marketing and Communications division. “Teach Children to Save is a great opportunity for us to share our passion for financial education and to improve our local community.”
Even Zions Bank President and CEO Scott Anderson gets involved. Last school year he teamed up with Utah Gov. Gary Herbert to teach students at Mary W. Jackson Elementary that money doesn’t grow on trees. This year, Idaho Gov. Brad Little and Utah Rep. Ben McAdams taught students how to save money.
Parents are a key resource to teaching kids about the benefits of saving. Zions Bank offers the following tips for raising money-smart kids:
- Set the example of being a responsible money manager by paying bills on time and 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 questions and be prepared to answer 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 learn to be hands-on in their money management.
- Let friends and family know about your child’s savings goal. They will be more likely to give cash for special occasions, which means more trips to the bank.
- Put the literacy in financial literacy. Encourage your children to read books that cover various money concepts. Not only will they become strong readers, but they will be smart money managers, too.
- Invite Zions Bank to teach your kids. Every October, Zions Bank employees teach students for Get Smart About Credit Day. In April, our bankers are available to teach students for Teach Children to Save Day. Mark your calendar for next year and inform any branch that you’d like a lesson for your youth. They will make arrangements for a volunteer banker to come teach.
Saving does not come naturally for many people. By teaching kids at a young age, we help them develop healthy money habits to last a lifetime and enable them to achieve financial success.