April 29 – Teach Children to Save Day

Posted on April 29, 2016

Saving money for a “rainy day” – and saving up for big purchases – are great ideas, and teaching kids to save when they are still young is smart, too.

I have to admit, the greedy shenanigans some bankers were up to – you know, the shenanigans that caused so much devastation, pain, poverty with the 2008 financial crisis – makes me feel a twinge of cynicism as I contemplate the American Bankers Association's involvement in creating this holiday.

But we have to remember that most bankers are community members who are working for a strong local economy as well as a stable global finance system. So I'm pushing my cynicism aside and letting you know some bankers are volunteering, teaching kids, and providing educational materials.

Of course, many families struggle with having enough money for their bare-bone needs RIGHT NOW – and that should be of concern to the community at large.

But families who can afford to should have good conversations about spending, saving, donating, and investing. They should discuss the difference between needs and wants. And they should encourage kids to save regularly, even if just a bit. “Just a bit” every month adds up!