Ohio Valley Bank has participated in the Teach Children to Save initiative for several years and has once again joined the campaign. The goal of Teach Children to Save is to educate students on the importance of saving. Interactive lessons in the program cover the difference between needs and wants; how to identify expenses; and tips to cut spending by budgeting wisely.
Established by the ABA Foundation in 1997, Teach Children to Save and the Foundation’s other financial education campaigns have reached 13 million young people through the commitment of more than 275,000 bank volunteers across the country.
“Familiarizing students with financial education fundamentals at an early age puts them on the path to becoming money management savvy adults,” Hope Roush, OVB communications specialist, said. “Teach Children to Save is a wonderful opportunity for OVB to not only share our passion for financial literacy, but to also adhere to our Community First mission as this program helps our local youth.”
While Teach Children to Save Day is tomorrow, OVB intends to celebrate the campaign all spring. Presentations are also available year-round via request. For more information or to schedule a presentation for your school, contact Roush at firstname.lastname@example.org or Jamie Stapleton, OVB digital and financial education coordinator, at JEStapleton@ovbc.com.
Looking for ways to celebrate Teach Children to Save at home? Visit the OVB Virtual Classroom for fun, interactive financial lessons you can do with your kids. Also, checkout these tips for ways to raise money-smart kids:
- Talk openly about money with your children. Communicate your values and experiences with money. Encourage them to ask you questions and be prepared to answer them – even tough ones. Check out this list of eight ways to talk openly with your kids about saving money.
- 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.
- 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.
For more information on OVB’s financial education programs, visit https://www.ovbc.com/community/finlit.