CENTRAL BANK JOINS ‘ TEACH CHILDREN TO SAVE’ CAMPAIGN
During the month of April, Central Bank employees throughout the valley are partnering with local schools and youth organizations to help educate young people on the importance of saving. For example, President and CEO, Matt Packard, and Mortgage Officer, Tyler Heaps, visited Sierra Bonita Elementary School in Spanish Fork on April 14 to teach more than 120 second- grade students about developing a savings habit early in life.
“Being financially literate is one of the most important skills a young person can develop,” said Matt Packard. “Through this program we can motivate students and instill positive habits at a young age, creating a community of lifelong savers.”
Central 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.
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’ll 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.
April 11 marked the 18th annual Teach Children to Save Day. Central Bank actively participates in the American Bankers Association’s Teach Children to Save campaign every April. If you would like to schedule a time for a banker volunteer to help educate your class or youth group, please contact your local Central Bank office or call 801-375-1000.