LACONIA — On April 11th the Bank of New Hampshire partnered with many local elementary schools to celebrate the 18th annual Teach Children to Save Day. More than 100 local youths will explored the value of money and learn the difference between needs and wants with the help of hand puppets Dime the Alligator and Nicole the Owl.
The Bank of New Hampshire recognizes the importance of teaching children to save at an early age. In addition to participating in Teach Children to Save Day, Bank of New Hampshire has recently launched an I Love Saving club for kids with an account for children age 13 and younger. This new account matches the first five dollars deposited, provides a piggy bank at account opening, allows the kids to pick a toy from a treasure box each time they make a deposit, rewards kids with a quarterly gift for bringing in their good report card and includes a quarterly newsletter mailed to all members with fun activities and tips for saving.
Established by the American Bankers Association in 1997, Teach Children to Save has reached more than six million young people through the commitment of 134,200 bank volunteers.
"Being financially literate is one of the most important skills a young person can develop," said Karen Wilson, VP – CRA Officer for Bank of New Hampshire. "Through this program we can motivate students and instill positive habits at a young age, creating a community of lifelong savers."
Bank of New Hampshire offers the following tips for money-savvy parents raising money-smart kids. These tips include: setting the example of a responsible money manager by paying bills on time, 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 you questions, and be prepared to answer them – even the tough ones. Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
Parents are also encouraged to open a savings account for their children and take them with to the bank make deposits, so they can learn how to be hands-on in their money management. It is also important to let friends and family know about the child's savings goal, as they will be more likely to give cash for special occasions, which means more trips to the bank.
The American Bankers Association provides financial education programs and resources that help bankers make their communities better. The association's signature programs, Teach Children to Save and Get Smart About Credit, bring bankers and students together to increase financial literacy.