The Spirit of Banking - Teach Children to Save Day

Tuesday, April 29, 2008

So far, a record-setting 10,603 bankers, including many of you reading right now, have pledged to participate in the 12th annual Teach Children to Save Day on April 29! This year’s participation number is more than double the 4,819 bankers registered at this time last year, and registration will remain open until May 16 for those who wish to report their efforts after the day.

Banks have been teaching their customers personal finance lessons for decades, including these 22 banks that have participated in Teach Children to Save Day since its humble beginnings in 1997:

American State Bank & Trust Company, Williston, N.D. • Bank of America, Charlotte, N.C. • Bruning State Bank, Bruning, Neb. • California Bank & Trust, Irvine, Calif. • Centier Bank, Merrillville, Ind. • Citizens Bank of Blount County, Maryville, Tenn. • Decatur County Bank, Decaturville, Tenn. • Farmers State Bank of Waupaca, Waupaca, Wis. • First Citizens National Bank, Dyersburg, Tenn. • First Dakota National Bank, Yankton, S.D. • First National Bank of Pulaski, Pulaski, Tenn. • First State Bank of Floodwood, Floodwood, Minn. • First State Bank, Chapel Hill, Tenn. • Grundy National Bank, Grundy Center, Iowa • Peoples Trust and Savings Bank, Adel, Iowa • Pioneer Bank, Auburndale, Wis. • Regions Bank, Birmingham, Ala. • The Stephenson National Bank & Trust, Marinette, Wis. • United Bank of Michigan, Grand Rapids, Mich. • United Community Bank, Perham, Minn. • Wells Fargo Bank, Minneapolis,Minn. • Wilson Bank & Trust, Lebanon, Tenn.

If your bank has participated since 1997 but is not included on this list, please e-mail Erin Scheitheto update your bank’s records in the ABAEF database.

Whether you’re a veteran TCTS volunteer or a first-time participant, we applaud you for your commitment to your community!

View the list of participating banks. Contact the ABA Education Foundationfor more information on how to get involved.

the list of participating banks. Contact the ABA Education Foundationfor more information on how to get involved.

Are You Ready for Teach Children to Save Day?

Teach Children to Save Day is less than two weeks away, but don’t panic if you haven’t planned your lessons yet. You can go into schools or community groups any time this spring and still get credit for your participation. Join the 10,000+ bankers and make a difference this year!

If you haven’t participated before but you’ve purchased a Teach Children to Save kit, follow these three easy steps to get started:

1. Choose your audience, location site and age range. If your local schools are busy with testing, consider approaching other groups for after-school presentations, such as a Boys and Girls Club, local YMCA chapter or faith-based youth group. Find out your school’s bell schedule and request presentation times that fit into existing class periods. Also, educators are on the move during the day, so if you don’t hear back immediately, try again by phone and e-mail, if possible.

2. Once the audience is set, choose a lesson. The Teach Children to Save resource kits include easy-to-follow, age-appropriate lesson plans and corresponding activity sheets. Don’t forget to make enough copies of lesson materials and issues of the Money Talksnewsletter or additional handouts included in the kit.

3. Registeryour bank's intention to volunteer for Teach Children to Save Day. All that is required is an estimate of the number of participating bankers, the number of presentations and the number of students before we close registration on May 16.

Visit the ABAEF’s Teach Children to Save Web page. E-mail the Foundationstaff for more information.

Washington Update: Teach Children to Save Bankers Commended on Capitol Hill

This month, Teach Children to Save bankers were promoted with Congress on three separate occasions. First, Teach Children to Save Day was highlighted in a congressional resolution supporting the goals and ideas of Financial Literacy Month. Read the resolution.

On April 15, ABA submitted written testimony to the House Financial Services Committee on the important role that bankers play in teaching financial education. The list of bankers participating in this year’s Teach Children to Save Day also was submitted for the record. Read ABA’s press release about the testimony.

Also on April 15, ABA’s government relations department issued a memo to members of the House of Representatives that promoted the industry’s participation in Teach Children to Save Day, recognizing the 10,603 bankers who have pledged to participate on April 29. Read the memo. Contact Laura Fisherfor more information.

High School Students Take the Challenge
The Treasury Department is issuing a National Financial Literacy Challenge to America’s high school students. High-scoring young people will be awarded a certificate of recognition. In addition, the top 10 participants will win a 2-day, all-expenses-paid trip to the nation’s capital to be recognized for their money smarts. The challenge was recommended by the President’s Advisory Council on Financial Literacy.

The Treasury Department is issuing a National Financial Literacy Challenge to America’s high school students. High-scoring young people will be awarded a certificate of recognition. In addition, the top 10 participants will win a 2-day, all-expenses-paid trip to the nation’s capital to be recognized for their money smarts. The challenge was recommended by the President’s Advisory Council on Financial Literacy.

Students in your community, age 13 and up, can test their finance knowledge by taking this online voluntary test at: http://FLC.treas.gov,Monday, April 28--Friday, May 16. The Challenge involves 35 basic personal finance questions, will take the average student 40-45 minutes to complete, and must be proctored by an educator.

Share this information with high school teachers in your community. Sign up for the distribution list to learn more about the National Financial Literacy Challenge at: http://www.flc.treas.gov.

Students’ Understanding of Personal Finance Weakens, Reports 2008 Jump$tart Survey
On April 9, the Jump$tart Coalition for Personal Finance released the results of their 2008 financial literacy survey, which reaffirmed what financial experts have known for some time--high school students aren’t getting it when it comes to money. Twelfth graders, still unable to answer most basic money questions correctly, scored lower than ever this year. For the first time, their knowledge of personal finance dropped below 50 percent to 48.3 percent, down from 52.4 percent in 2006.

Students’ Understanding of Personal Finance Weakens, Reports 2008 Jump$tart Survey
On April 9, the Jump$tart Coalition for Personal Finance released the results of their 2008 financial literacy survey, which reaffirmed what financial experts have known for some time--high school students aren’t getting it when it comes to money. Twelfth graders, still unable to answer most basic money questions correctly, scored lower than ever this year. For the first time, their knowledge of personal finance dropped below 50 percent to 48.3 percent, down from 52.4 percent in 2006.

Read the full report.

the full report.

As the only bank trade association on the Jump$tart Coalition's board of directors, the ABA Education Foundation sent a press release addressing the survey results and what banks across the country are doing to provide financial education. Use the Foundation’s news release as a guide to inform your community of what your bank is doing to increase financial literacy.

Preparing for Their Future: A Look at the Financial State of Gen X and Gen Y
Members of generations X and Y acknowledge that they need to pick up the slack when it comes to planning for their futures, according to a baseline study released by the American Savings Education Council and the Divided We Fail group (AARP, Business Roundtable, National Federation of Independent Business and the Service Employees International Union). Three out of four Gen Xers and Gen Yers (individuals between the ages of 19-39) believe saving for retirement is a personal goal, but many young adults have yet to align their actions with their financial values and goals. Review the full report to gain a better understanding of the current and future financial state of Generations X and Y.

Members of generations X and Y acknowledge that they need to pick up the slack when it comes to planning for their futures, according to a baseline study released by the American Savings Education Council and the Divided We Fail group (AARP, Business Roundtable, National Federation of Independent Business and the Service Employees International Union). Three out of four Gen Xers and Gen Yers (individuals between the ages of 19-39) believe saving for retirement is a personal goal, but many young adults have yet to align their actions with their financial values and goals. Review the full report to gain a better understanding of the current and future financial state of Generations X and Y.

May FLEC Meeting
The Financial Literacy and Education Commission (FLEC) -- established through the Fair and Accurate Credit Transactions (FACT) Act of 2003 -- will meet May 15 in Washington, DC. For more details, contact Ed Bodensiek.

The Financial Literacy and Education Commission (FLEC) -- established through the Fair and Accurate Credit Transactions (FACT) Act of 2003 -- will meet May 15 in Washington, DC. For more details, contact Ed Bodensiek.

Hispanic Roundtable Takes Place in June

On June 10 from 8:30 a.m. to 4:00 p.m. FLEC will host the "Roundtable Discussion on Financial Education in the Hispanic Community" at the Department of the Treasury. The public is invited to attend. Click herefor more information.

Communications Corner: Saving Habits
Are your customers saving? Put them on the path toward saving with habits shared by successful savers. Download the savings habits news release, insert your bank’s information and send it out to the media. Share this saving tip sheetwith customers or post it on your bank’s Web site. Financial education is a great way to generate positive publicity for your bank.

Are your customers saving? Put them on the path toward saving with habits shared by successful savers. Download the savings habits news release, insert your bank’s information and send it out to the media. Share this saving tip sheetwith customers or post it on your bank’s Web site. Financial education is a great way to generate positive publicity for your bank.

Teach Children to Save PSA Recording and Script Available for Your Use
We’ve added a resource to our Teach Children To Save press kit--a public service announcement that is available in audio and print. Send it to area radio stations in its ready-to-air .mp3format or customize the .docversion for them to read. Visit the Foundation’s Press Roomfor the latest tips and news releases, program information and press kits, testimony and a link to ourGet Smart About CreditWeb site. Contact Marquita Powellfor more information.

We’ve added a resource to our Teach Children To Save press kit--a public service announcement that is available in audio and print. Send it to area radio stations in its ready-to-air .mp3format or customize the .docversion for them to read. Visit the Foundation’s Press Roomfor the latest tips and news releases, program information and press kits, testimony and a link to ourGet Smart About CreditWeb site. Contact Marquita Powellfor more information.

Financial literacy is our business ... and yours!

The Spirit of Banking is edited by John Ginovsky, with contributions from Laura Fisher, Kathryn Kelly, Marquita Powell and Erin Scheithe. If you are receiving a passed-along copy and wish to subscribe or to unsubscribe, please send an e-mail with your name, phone number and organization to edufoun@aba.com. For other inquiries, contact us at 1-800-BANKERS.

The Spirit of Banking is edited by John Ginovsky, with contributions from Laura Fisher, Kathryn Kelly, Marquita Powell and Erin Scheithe. If you are receiving a passed-along copy and wish to subscribe or to unsubscribe, please send an e-mail with your name, phone number and organization to edufoun@aba.com. For other inquiries, contact us at 1-800-BANKERS.

ABA Education Foundation, 1120 Conn. Ave NW, Wash. DC 20036.