Part of Spencer Savings Bank’s mission to help the communities it serves focuses on promoting financial literacy. On Thursday April 30th, members of the Spencer team held a workshop for students of Wood-Ridge Intermediate School, in recognition of National Teach Children to Save Day.
As part of National Financial Literacy Month, April 24th marks the official Teach Children to Save Day—a nationwide program sponsored by the American Bankers Association and organized by banking volunteers to help younger generations start saving early in life. Since 1997, more than 177,000 banking professionals have helped over 6 million students learn about the importance of saving.
Speaking with almost one hundred 4th graders, Spencer Savings Bank employees explored a wide range of topics, beginning with the basics of what a bank is and why it’s important to have a bank account. They reviewed interest yields and how to grow your money, as well as how banks collect money with loans and interest rates.
Another topic of discussion was distinguishing between items that are “needs” versus “wants”, and students learned to create a budget sheet to help organize their income to help pay for these items. Money Newsletters and Money Saving Tips Guides were distributed for the students to review with their parents. Spencer rulers and piggy bank giveaways were also distributed to each student.
Spencer’s Wood-Ridge and Clifton Branch Managers, Elaine Blondek and Ed Kurbansade, along with Anita Guerrero from the Marketing Department, led the day’s presentations.
“We are so excited to have an opportunity, for the first time, to teach our young students in Wood-Ridge about the importance of saving and learning to manage money,” said Ms. Blondek. “It’s so important to start planting the seed early about money management so that these children grow into financially responsible adults. We had a great time with them today and look forward to returning next year.”