Speaking on Business: Financial Literacy — ID
Idaho has been recognized for policies that encourage financial instruction, like proclaiming April as National Financial Literacy Month and supporting events like National Teach Children to Save Day.
This is Chris Redgrave for Zions Bank Speaking on Business.
As a nation, the need for financial literacy is ongoing, with American credit card debt surpassing $1 trillion in 2018, only 2 in 5 adults having a budget and college debt in the U.S. at $1.5 trillion. Idaho has been recognized for policies that encourage financial instruction, like proclaiming April as National Financial Literacy Month and supporting events like National Teach Children to Save Day, with a goal to encourage children to start saving now.
National Teach Children to Save Day is an outreach program offered through the American Bankers Association Education Foundation. A study from the Center on Assets, Education and Inclusion found that children with even a small savings account are three times as likely to attend college and four times as likely to graduate. In addition, recent research suggests that children who actively save for college build stronger expectations about attending college.
Financial literacy starts young, and teaching kids about managing their money is one of the most important things they should learn, yet many graduate from high school without a basic understanding of credit, budgeting, school loans, taxes and more. Teach Children to Save Day introduces these concepts. Zions Bank has been supporting National Teach Children to Save Day since its inception and dozens of employees will be visiting local schools, teaching over 6,000 students about budgeting and saving money.
For Zions Bank, I’m Chris Redgrave, speaking on business.