Thousands of Bankers to Participate in National Teach Children to Save Day

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WASHINGTON, April 15, 1997 -- On Thursday, April 17, "National Teach Children to Save Day," 2,500 bankers will make 5,000 presentations in elementary school classrooms across the country to teach children how to save money.

"Bankers are committed to investing in the future of children because we want them to be able to make smart financial decisions throughout their lifetime," said American Bankers Association Executive Vice President Donald G. Ogilvie. "Education and money management skills are keys to a better life."

The ABA Education Foundation declared "National Teach Children to Save Day" as a way to show banking industry support for teaching children money management skills and encouraging them to save money for the future. In 1996, Americans saved only 4.9 percent of their disposable income, compared to 1970 when they saved 8 percent.

The Foundation coordinated a grassroots effort with state bankers associations to encourage bankers to participate in "National Teach Children to Save Day." It also prepared a resource kit with tools to help bankers make presentations in classrooms. More than 125,000 students will be part of this national initiative.

"Bankers across America are very active in their communities and were enthusiastic about a national savings day," Ogilvie said. "Teachers, too, were excited at the possibility of having bankers visit their classrooms to teach students basic money skills."

The ABA Education Foundation also offers tips for parents to foster the savings habit in their children:

1. Give them an allowance with the understanding that part of it goes into their own savings -- a first step toward learning to budget.
   
   
2. To make their savings visible and real, have them build up savings in a piggy bank. Then help them open their own bank savings account, and have them make deposits each month.
   
   
3. Use their monthly statements, or the record in their savings passbooks, to show them how their money is multiplying.
   
   
4. For every dollar your children earn, encourage them to spend 25 cents on what they want or need now, put 25 cents away for a bigger-item purchase later and save or invest the rest. (That's a 50 percent savings rate!)
   
   
5. Make savings and investing fun. Give your children play money to "invest" in stocks they can track in local newspapers. If the stocks go up, pay them in more play money; if the stocks decline, they pay you.
   
   

The ABA Education Foundation promotes understanding of banking and financial services by enhancing the public's knowledge of economics, specifically as they relate to banking and personal financial management.

CONTACT: Patti Boerger of the American Bankers Association, 202-663-5471