Sunday, March 7th, 2021

iAB Financial Bank joins campaign

Posted: Friday, April 26, 2013

iAB Financial Bank is partnering with several schools to celebrate Teach Children to Save Day with savings education during the week of April 22. iAB Financial Bank employees will help more than 475 local youths explore lessons on the value of saving and investing including the difference between needs and wants, learn how to identify expenses, trade-offs and ways to cut spending.

Established by the American Bankers Association in 1997, Teach Children to Save has reached more than 5.6 million young people through the commitment of more than 121,000 banker volunteers. iAB Financial Bank has been involved in the Teach Children to Save program for several years as well as the ABA’s Get Smart About Credit program which occurs in the fall after students go back to school.

“This program gives us the opportunity to use our life experiences and banking knowledge to motivate students to become lifelong savers,” said Michael C. Marhenke, president and chief executive officer. iAB Financial 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. Let friends and family know about your child’s savings goal. They’ll be more likely to give cash for special occasions. 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.

The American Bankers Association provides financial education programs and resources that help bankers make their communities better. The association’s signature programs, Teach Children to Save and Get Smart About Credit, bring bankers and students together to increase financial literacy.