Created on Saturday, 27 April 2013 Written by THE BELLEFONTAINE EXAMINER STAFF
Employees of Liberty National Bank presented a savings lesson to Northeastern Elementary third-graders this week in recognition of National Teach Children to Save Day.
The local employees joined thousands of bankers across the country who participated in the financial education program through the American Bankers Association Education Foundation.
“Studies show that kids aren’t learning the skills they need to make smart financial decisions as adults,” said Heather Cox, Liberty National Bank AVP/Director of Marketing. “Communities and schools teach other life skills, such as driving a car, but we don’t spend enough time teaching financial skills. Bankers are in the schools today to help fill that gap and prepare future customers for financial success.”
The presentation included games and activities about the concept of saving, how interest makes money grow, how to budget and determining needs and wants.
Since the National Teach Children to Save Day began in 1997, thousands of bankers have taught money skills to more than one million students.
Liberty National Bank offers the following tips for parents to reinforce the concepts:
• Help children open up their own bank savings account and make deposits regularly.
• Children love to get mail, so encourage them to keep an eye out for their monthly statement.
• Talk to your child about the family budget and include a discussion on wants and needs. Reinforce this by budgeting for a family outing or purchase.
• Show your child how an ATM machine works and explain that to take money out of the bank, you must first put it in.
• Give them positive feedback. As they get older, give them responsibility over how they spend their money.