Zions Bank Press Release: Teach Children to Save
Bankers Teach Children to Save
SALT LAKE CITY, Utah; April 21, 2015 — A review of banking records shows residents across Utah are socking away more money.
Zions Bank had a 5 percent balance increase among its savings account products in the state between the post-recession timeframe of January 2010 and January 2015.
The finding tracks increases in the U.S. personal savings rate, or the percentage of disposable personal income saved. The personal savings rate was just over 2 percent before the 2007-2009 recession, but hit 5.5 percent in January, according to the U.S. Department of Commerce.
To keep future generations on the path to saving, more than 120 Zions Bank employees are visiting local schools in Idaho and Utah to teach more than 8,750 K-12 students in honor of National Teach Children to Save Day.
This year marks the 19th year of the outreach program, offered through the American Bankers Association Education Foundation and celebrated on April 24.
“We’re glad to be a part of strides in the right direction when it comes to saving,” said Zions Bank President and CEO Scott Anderson, who will teach 3rd grade students at Guadalupe Elementary on April 24. “We know teaching children how to save is ground zero for continuing an upward trend, and we’re committed to making that difference.”
While increased savings rates are a good sign, overall rates don’t yet compare to past decades. Americans were saving more than 8 percent in the 1980s and more than 9 percent in the 1970s, according to the U.S. Department of Commerce.
Utah began mandatory financial literacy education for high school students in 2008. But parents can start teaching children about the concepts of saving at a much earlier age.
Three simple steps can make saving even easier for kids:
Make Regular Contributions
Consider offering to match your children’s saving contributions. Talk to your banker about automating a contribution through a monthly direct deposit.
Explain a Budget
Teach children the difference between the things they need and the things they want, and the value of budgeting money. Explain to children that you have a family budget and must save for items that are wants rather than needs.
Help Set Goals
Children need help setting goals, especially long-term ones. You can help them allocate a portion of the money they earn through chores, receive as gifts, or get through an allowance to each goal.
About Zions Bank
Zions Bank, a division of ZB, N.A., operates 124 full-service financial centers throughout Utah and Idaho. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending and has consistently ranked as the No. 1 lender of U.S. Small Business Administration 7(a) loans in Utah for the past 22 years and Idaho’s Boise District for the past 14 years. Founded in 1873, Zions Bank has been serving the communities of the Intermountain West for more than 140 years. Additional information is available at www.zionsbank.com.