Northwest Bank Teaches Students About the Importance of Saving Money
Northwest Bank is celebrating Teach Children To Save Day by providing savings education to more than 2,300 local youths. Check out the success we have recently experienced in the communities we serve:
- Estherville: Northwest Bank in Estherville, IA invited the High School Finance Class at Estherville Lincoln Central CSD to the bank for a tour of the facility.
"The kids loved getting out of the classroom for a day and seeing more of what is behind the scenes at a bank! Their favorites were the old vault and the interesting spaces in the basement! Money management is so important for all high school students to learn and banking plays such a HUGE role in that. Thanks again and we look forward to coming back again next fall!" - Michelle Frideres, High School Business Teacher
- Algona: Bringing creativity to Teach Children to Save activities, the 2nd - 4th grade students at Seton Elementary and Algona Public participated in a poster contest. A combined 175 students learned about the importance of saving and illustrated how it can be done.
- Belmond: Northwest Bank stopped by Belmond-Klemme Elementary School to talk to the 6th grade students about saving money. Students participated in a check writing and balancing activity while also learning about the importance of balancing their checkbook, overdrafts and fraud.
- Fort Dodge: The 4th grade students at Feelhaver Elementary and St. Edmonds received a visit from Northwest Bank and participated in a fun activity that encouraged saving money.
- Humboldt: Northwest Bank visited the 4th grade class at Humboldt Public Taft to teach students about saving.
- Spencer: Northwest Bank taught a combined total of 203 students in the Spencer schools about saving. Staff stopped by the 3rd and 4th grade class at IA Great Lakes Lutheran and the 4th grade class at Ruthven Ayrshire, Spencer Sacred Heart and Spencer Elementary - Lincoln to discuss "wants vs. needs" with the students. In the activity, the students were provided with common everyday scenarios and they needed to establish whether it was something they "wanted" (ex: games, new bike) or that they "needed" (ex: food, clothing).
The American Bankers Association Education Foundation’s Teach Children to Save Program includes thousands of bankers who increase financial literacy through hands-on learning and raise awareness about the important role that banks and bankers play in helping young people develop lifelong saving habits. Since 1997, the program has reached more than six million young people through the commitment of 134,200 banker volunteers.
Financial literacy is one of the most important skills a young person can develop. The Teach Children to Save program helps motivate students and instill positive habits at a young age, creating a community of lifelong savers.
Northwest 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.