FTSB Participates in Teach a Child to Save
Farmers Trust & Savings Bank has partnered with North Iowa, West Hancock, Lake Mills and United South Central school districts to celebrate Teach Children to Save Day with savings education. More than one hundred and sixty local youth will explore the benefits of saving money, and the difference between needs and wants.
Established by the American Bankers Association in 1997, Teach Children to Save has reached 7.2 million young people through the commitment of 210,000 banker volunteers.
Staff members at Farmers Trust & Savings Bank visited their local schools to talk about the importance of saving money, how the money cycle works, and how determining wants versus needs is an important aspect of saving money. In addition, each participating student received a bank, a gold coin and financial literacy material.
Farmers Trust & Savings 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.