By Julianne Gee, Zion’s Bank
During a time when economic pressures are mounting, Cedar City students are learning the importance of saving and how to prepare for their financial futures.
In honor of National Teach Children to Save Day, Students at Canyon View Middle School received a lesson on the importance of making smart money decisions from Zions Bank Cedar City branch manager, Josh Hunt.
They presented each child with a new $2 bill and encouraged them to start saving today.
“Children gain a valuable advantage if they learn about financial concepts at a young age,” said Hunt. “Just as interest paid on a savings account compounds over time, healthy savings habits can make a huge difference to a child’s financial future.”
Josh Hunt is among the dozens of Zions Bank employees who are volunteering in classrooms across Idaho, Utah and Wyoming in April to teach more than 3,000 children the fundamentals of saving, budgeting, and smart money management.
The need for early financial education is particularly important today. According to a recent survey from Bankrate, over half of Americans lack the savings to cover a $1,000 emergency expense. Additionally, nearly one in three Americans have more credit card debt than emergency savings.
Zions Bank’s hands-on lessons aim to equip students with the skills they need to develop healthy financial habits from a young age. The program covers topics such as setting savings goals, understanding needs versus wants, and the power of compound interest.
National Teach Children to Save Day is an initiative of the American Bankers Association designed to promote financial education for young students. Zions Bank has participated in the program for more than 24 years, reinforcing its commitment to financial literacy and community engagement. Since 2002, Zions employees have collectively taught more than 200,000 students as part of Teach Children to Save Day.
Hunt 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 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 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.
About Zions Bank
Zions Bank is Utah’s oldest financial institution and is the only local bank with a statewide distribution of branches operating 95 full-service branches. Zions Bank also operates 26 branches in Idaho and Wyoming. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending. Founded in 1873, Zions Bank has been serving the communities of Utah for more than 150 years. Additional information is available at www.zionsbank.com. A division of Zions Bancorporation N.A., Member FDIC.