“Teach Children to Save Day”
In observance of National Teach Children to
Save Day on April 24, Baylake Bank is encouraging local families
to recognize the day by communicating the value of saving money
to the young people in their lives.
“Education and hands-on money experience are
critical to ensuring a new wave of smart money managers,” said
Ken Lammersfeld, Baylake Bank Senior Vice President
Retail/Organizational Development. “We want parents to know that
saving is important and everyone can do it, even kids.”
Baylake Bank offers the following tips for
raising money-smart kids:
- Set the example of a
responsible money manager by paying bills on time, and being
a conscientious spender and 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, as well as 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 with their money
- Let friends and family know
about your child’s savings goal. They’ll be more likely to
give cash for special occasions, which means more progress
toward the goal.
- Engage your community. Many
schools, banks, and community organizations share your
commitment to creating a money-savvy generation. Engage a
coalition of support to provide youth with the education
they need to succeed.
Since its inception in 1997, the American
Bankers Association Education Foundation’s Teach Children to
Save Day has reached more than 5 million young people with the
help of 120,000 plus banker volunteers. Learn more about the
event at the Teach Children to Save website:
To schedule a presentation by a Baylake Bank representative,
contact your nearest financial center or call 1-800-267-3610.