April 29 Marks 20th Annual Teach Children to Save Day
Crestmark Offers Infographic and Tips on Teaching Money Skills to Children
TROY, Mich., April 29, 2016 – In observance of National Teach Children to Save Day, on Friday, April 29, Crestmark is participating in a national financial literacy education program of the same name. For the 10th year, Crestmark employees are leading kindergarteners and elementary school children through interactive workshops on money skills.
In addition, Crestmark is sharing an infographic called The Road to Financial Responsibility that maps out some of the best money practices for kids at various stages. Parents and teachers are invited to download and print the infographic, discuss it with their kids, and put the tips to use. The Road Map also provides adults with reminders on good money management skills. For example, it points out that cutting out or cutting down on daily soft drink/beverage consumption can save upwards of $264 annually. The goal of teaching and learning money management skills begins with awareness, setting goals, and making deliberate choices based on those goals.
This year’s initiatives for the Teach Children to Save Campaign began in Richmond, Virginia. Crestmark Senior Field Examiner Cynthia St. Clair led seven groups of elementary school students and kindergarteners through fun exercises in basic money management, and the importance of saving early and often. To engage the kids, St. Clair used storytelling, problem solving, and gave the kids fun tools, including “mood” rulers that change colors when touched.
Gail Brelin, from Crestmark’s corporate office in Troy, Michigan, has chaired the Teach Children to Save Campaign for six years. In the weeks ahead, she will lead workshops for several hundred elementary children at Heritage Elementary School in Highland, Michigan.
Established by the American Bankers Association Foundation in 1997, Teach Children to Save, and the Foundation’s other financial education initiatives, have helped reach 8.2 million young people through the commitment of more than 245,000 banker volunteers.
Teachers can help children hone their money skills by incorporating discussions on money into regular classroom activities.
For parents, opportunities abound on teaching money lessons to their children. Here are some simple ways to start:
- Print or view this infographic: Roadmap to Financial Responsibility; discuss it with your kids/students.
- 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.
- 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.
- Open a 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.
- 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.
- 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.