Teaching kids to save money

The ABA Education Foundation is releasing tips and resources for parents to use as they teach their children about saving in celebration of Teach Children to Save Day, Tuesday, April 27."The economic crisis sent an urgent message that financial education can no longer be an option or a privilege," said Laura Fisher, director of the ABA Education Foundation, which sponsors Teach Children to Save. "Teach Children to Save events and celebrations will educate and raise awareness, but at the end of the day we hope students will take action. All young people, with the help of their parents, should have a way to save, whether it's a piggy bank or a savings account." Students who don't receive an in-person lesson from a banker volunteer can get savings education resources from the Teach Children to Save Web site: www.teachchildrentosave.com. The Web site brings components of the Teach Children to Save program into the homes of families across the country. The site offers tips for young people and their parents on how to set a budget, start a savings account and make deposits regularly. For families, the site features a personal finance newsletter for kids, the Parent Money Manual -- personal finance activities and lessons for families -- family budgeting worksheets and much more. The ABA Education Foundation has a few tips for parents to use now and throughout the year to teach their children to be good stewards of their money: Talk openly about money. Communicate your values and experiences with money. Encourage children to ask questions, and be prepared to answer them -- even the tough ones. Open up a savings account at your local bank for your children and take them with you to make deposits, so children can learn how to be hands-on in their money management. Be an example of a responsible money manager by paying bills on time, being a conscious spender and an active saver. Children tend to emulate their parents' personal finance habits. The Teach Children to Save program is a national campaign that organizes banker volunteers to educate young people about the importance of developing a lifelong savings habit. Since 1997, the campaign has reached 3.4 million young people with the help of some 80,000 banker volunteers, an annual awareness day -- Teach Children to Save Day -- and the Teach Children to Save Web site: www.teachchildrentosave.com. For more information on the Teach Children to Save program and a list of participating banks, please visit www.abaef.com.

********** Published: April 23, 2010 - Volume 9 - Issue 1