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Teach Children To Save

THE FIRST BANK CELEBRATES TEACH CHILDREN TO SAVE DAY ON APRIL 25


The First Bank is partnering with the American Bankers Association Foundation to bring savings education to students in Mississippi, Louisiana, Alabama, Georgia and Florida in celebration of Teach Children to Save Day on April 25. Bank volunteers will present lessons on how to save, how to cut spending, and the difference between needs and wants to students from kindergarten to the eighth grade.
 
Established by the American Bankers Association Foundation in 1997, Teach Children to Save and the foundation’s other financial education initiatives have helped reached 11.6 million young people through the commitment of more than 275,000 banker volunteers. “Familiarizing students with financial education fundamentals at an early age can help put them on a path toward becoming smart money-managing adults,” said Jarrett Nicholson, Chief Operating Officer for The First. “Teach Children to Save is a great opportunity for us to share our passion for financial education and improve our local community.”
 

The First Bank offers the following tips for money-savvy parents raising money-smart kids:

  • Set 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. Share this Roadmap to Financial Responsibility and Money Talks Newsletter with your kids.
  • 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. See tips on how to talk openly with your kids about saving money.
  • Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so. See our needs vs. wants coloring sheet to help children identify the critical difference between the two.
  • Open a Piggy Bank Savings Account for your children and take them with you to make deposits so they can learn how to be hands-on in their money management. At The First, savers under 18 years of age can open a Piggy Bank Savings Account for only $25 with no maintenance fees. Interest is earned on a minimum daily balance of $25 or more. Interest is compounded and credited quarterly. See a list of our branches to find the nearest branch to open a new savings account. 
  • Let friends and family know about your child’s savings goal. They will be more likely to give cash for special occasions, which means more trips to the bank. See our color and cut savings jar wraps to encourage kids to dedicate money for both spending and saving. 
  • Put the literacy in financial literacy. Encourage your children to read books that cover various money concepts. Not only will they become strong readers, but they will be smart money managers, too. Click here for a list of Reading Pays book titles for all ages.
  • Engage your community. Many schools, banks and community organizations share your commitment to creating a money-savvy generation. Engage a coalition of support to provide youth with the education they need to succeed. See our spot the banking difference worksheet to teach children to identify details and the opportunities associated with a career in banking. 

The ABA Foundation provides financial education initiatives and resources that help bankers make their communities better. The association’s signature initiatives, Teach Children to Save, Get Smart About Credit, Lights, Camera, Save! and Safe Banking for Seniors bring bankers and students of all ages together to enhance financial education.