April 28 marks 20th anniversary for Teach Children to Save
NORWAY, Maine – This week Norway Savings Bank is partnering with five local elementary schools to celebrate Teach Children to Save Day with savings education. Approximately 200 local students will learn the importance of saving and explore the difference between needs and wants, how to identify expenses, trade-offs and ways to cut spending.
Established by the American Bankers Association Foundation in 1997, Teach Children to Save and the Foundation’s other financial education initiatives have helped reached 8.9 million young people through the commitment of more than 225,000 banker volunteers.
“Familiarizing students with financial education fundamentals at an early age puts them on a path to becoming smart money-managing adults,” said Pat Weigel, President and CEO, Norway Savings Bank. “Teach Children to Save is a great opportunity for us to share our passion for financial education and improve our local community.”
Norway Savings 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 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 this list of eight ways 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.
• 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.
• 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 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.
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 and Safe Banking for Seniors bring bankers and students of all ages together to enhance financial education.
About Norway Savings Bank
Founded in 1866, Norway Savings Bank is a leading mutual banking and financial services company headquartered in Norway, Maine. As of December 31, 2016, Norway Savings Bank had $1.093 billion in total assets and provides financial services to over 38,000 households throughout western and southern Maine. Norway Savings Bank has 24 branch locations and operates divisions in asset management, personal banking and business banking. In 2016, Norway Savings Bank was honored as one of the Best Banks to Work For by American Banker and Best Companies Group as well as one of the Best Places to Work in Maine. In 2013, Norway Savings Bank received the Governor’s Award for Business Excellence and has been recognized as one of the healthiest companies in America by the Wellness Council of America (WELCOA) as a two-time Gold-Level Well Workplace award recipient. BauerFinancial has designated 5-Star Norway Savings Bank the “Best of Bauer” for earning and maintaining its highest 5-star rating for 25 continuous years or longer. For more information, visit www.norwaysavings.bank.