The need for financial education is greater than ever, and recognition of this fact continues to gain public attention at the local, state, and national levels. Teaching children and young adults basic money lessons – how to save, budget, and use credit wisely – is one of the best ways to prepare them for their money future. Bankers are experts at money management, so it's a natural fit for them to be involved in financial education efforts.
National Programs
American Bankers Association Education Foundation
National Teach Children to Save Day - Every April, this event brings bankers into local schools to talk with students about the importance of budgeting and saving. Since its inception in 1997, over 46,000 bankers have entered classrooms to teach lessons about the importance of saving money to almost two million students nationwide. These real life lessons about saving include how interest makes money grow, the difference between needs and wants, and the importance of budgeting. Resource kits are available for this program and offer bankers a fresh way to instruct by including age-appropriate lessons and resources for students to share with their families. The activities offer youngsters, tweens, and teens tangible opportunities to develop skills that can help them make smart financial choices throughout life.
The foundation also has launched a Web site that provides the components of the Teach Children to Save program to families nationwide. The new Web site brings the Teach Children to Save program into the homes of families across the country. Banks are encouraged to include a link to www.teachchildrentosave.com on their Web site.
Get Smart About Credit Day - Each October, volunteer bankers visit colleges, high schools, freshman orientations, youth groups, and continuing education classes to teach students how to budget, use credit cards responsibly, and build a positive payment history. Over 70,000 students have learned the do’s and don’ts of credit through this program. Resource kits are available for this program as well and include lessons on credit and debit payment options and lessons on identity theft. An interactive Get Smart About Credit eLearning Program, offered in both English and Spanish, is also offered and is based on the resource kit.
Federal Deposit Insurance Corporation
Money Smart - The FDIC created the Money Smart training program to help adults outside the financial mainstream enhance their money skills and create positive banking relationships. Money Smart is available in two versions: an instructor-led version available in six languages and a computer-based instruction version available in English or Spanish. Both versions consist of the same 10 modules and cover basic financial topics such as how to build a positive relationship with a financial institution, how credit works, the importance of saving, and how to protect your identity.
Wells Fargo
Hands on Banking® - This program by Wells Fargo is a free, fun financial education program that presents the basics of smart money management in an easy-to use format.
LOCAL Partnerships
The WBA also collaborates with state organizations, coalitions, and government agencies to leverage efforts to provide a variety of choices for consumers to learn about managing money.
Financial Literacy Public Private Partnership
The 2004 Washington State Legislature created FLPPP to develop an educational definition of financial literacy, identify strategies that promote the use of financial literacy curricula in schools, and serve as an educational resource on the issue. www.dfi.wa.gov/FLPPP
Jump$tart Washington
This nonprofit coalition is comprised of individuals, non-profit and governmental agencies, and the corporate sector, who have joined together to promote the need for financial education in Washington State. www.wajumpstart.org
Junior Achievement of Washington
Established in 1953 and founded nationally in 1919, Junior Achievement's 3,300 community volunteers serve as valuable role models illustrating the importance of education. www.jawashington.org
Helpful Resources
Washington State Department of Financial Institutions (www.dfi.wa.gov)
U.S. Financial Literacy and Education Commission (www.mymoney.gov)
National Council on Economic Education (www.ncee.net)
National Endowment for Financial Education (www.nefe.org)
Questions? Please contact Jennifer Youngquist at (206) 344-3492 or jennifer@wabankers.com.
