SHARP INCREASE IN BANKERS TEACHING KIDS ABOUT SAVING, ABA REPORTS
Highly Successful Teach Children to Save Program to Expand Internationally in 2008
WASHINGTON—As pop culture promotes spending, 12,016 bankers will flip the script to saving on April 29 as part of the twelfth annual Teach Children to Save Day. [Click here for a list of participating banks.]
"Participation has consistently increased, but this year's registration is more than double what it was at this same time last year," said Laura Fisher, American Bankers Association Education Foundation director. "We applaud bankers for embracing their role as financial educators especially in these tough economic times."
Teach Children to Save Day was first started by the ABA Education Foundation in 1997. Since then, more than 45,000 bankers have taught savings skills to nearly 2.3 million young people through the program.
In 2008, through a partnership with Citi, the ABAEF will expand the Teach Children to Save program globally, with events starting in South Africa. Citi's support of the Teach Children to Save program began in 2000 and since then 3,116 Citi volunteers have taught saving skills to 98,617 young people.
"We knew that financial illiteracy was a worldwide problem, but we didn't expect the Teach Children to Save model to translate so easily in other countries," said Fisher. "It's exciting to imagine the global banking industry uniting to Teach Children to Save and we're grateful for Citi's leadership and support."
Financial education events will go on across the country with banks of all sizes participating, including the ABA Education Foundation's national partners Citi and U.S. Bank. For Citi's signature event, bankers will team up with the New York Mets to teach Long Island City, N.Y. students savings basics followed by a ballgame at the Shea Stadium. U.S. Bank plans to make learning about money fun for thousands of kids, incorporating hands-on activities and real-life scenarios into personal finance lessons.
In other TCTS activities, U.S. Treasurer Anna Escobedo Cabral will lead savings lessons in Burlington, Vt., while Urban Trust Bank joins Robert P. Schmermund, ABA executive vice president of member relations, to teach District of Columbia students.
In addition, 15 other Treasury officials will teach savings lessons throughout the nation. Reps. Thelma Drake (R-VA), Rob Wittman (R-VA) and Jim Costa (D-CA) taught lessons in their districts during the TCTS season. Rep. Marsha Blackburn (R-TN) will close out this year's activities with an event in Collierville, Tenn. on May 2.
The program seeks to educate young people on the benefits of saving, but what about adults? The ABA Education Foundation has tips for all consumers on establishing sound saving practices:
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Pay yourself first. Have a set dollar amount transferred from your checking to your savings account every payday.
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Increase the amount you save when pay increases.
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Pay bills on time with more than the minimum amount to lower debt faster.
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Shop around for the best prices, services, most convenient locations and best rates for credit cards, bank accounts, mortgages and CDs.
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Consider investments for long-term goals such as saving for a home or retirement.
For a list of participating banks and more information on the TCTS program, please visit www.aba.com/abaef.
The ABA Education Foundation, a non profit subsidiary of the American Bankers Association, is committed to developing and providing education programs that lead to financial literacy. For more than 80 years, we have supported the banking industry's efforts to teach personal finance skills in schools and communities across the country. The programs we provide are specifically and uniquely created for young children, teenagers and adults to provide them with the skills they need to budget, save, and manage credit. For more information, visit http://www.abaef.com or call 1-800-BANKERS.
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