NEWS RELEASE 2011
ABA Media Contact: Marquita Robertson  

(202) 663-5418 office
(252) 267-7212 cell

E-mail: mrobertson@aba.com

BACK TO SCHOOL, BACK TO SAVING
School Year Routine, Bank Incentives Make Saving Easier

WASHINGTON -- With most schools now open for business, the ABA Education Foundation is encouraging parents to use the new school year as an opportunity to get their kids into a "saving habit."

"The best way to jumpstart your child's saving habit is to make it part of their regular routine," explains Laura Fisher, executive director of the ABA Education Foundation. "As you began to plan their activities and out-of-school time for the year, be sure to pencil in some time and activities that deal with saving money."

Banks understand that saving early and often is a sure way to put young people on the road towards becoming lifelong savers. Many of them – such as the ABA Education Foundation's Race to Save Banks – offer youth incentives to open savings accounts, such as increased interest rates, matching funds, stuffed animals or other promotional items.  

Some banks sponsor in-school bank programs for area schools. A program in an elementary school may focus on students bringing in deposits once a week during lunch time. High school programs are often satellite branches on campus that are staffed by students.

"In-school banks offer a great hands-on learning opportunity," adds Fisher. "Plus, peer pressure can work in a positive way nudging students towards saving money like their friends."

The ABA Education Foundation and ABA member banks have a few tips for parents to use now and throughout the year to teach their children to be good stewards of their money:

·         Advocate for financial education at your child's school through PTA meetings or letters to the school board. Ask your local bank to start an in-school bank or saving program.

·         Open a savings account at your local bank for your child.  Most banks offer no-fee, no-minimum balance custodial accounts for children.

·         Be an example of a responsible money manager by paying bills on time, being a conscious spender and an active saver. Children tend to emulate their parents' personal finance habits.

Parents interested in opening a children's savings account can look for a bank in their area on the Teach Children to Save Honor Roll at TeachChildrenToSave.com. In addition, some banks are promoting savings accounts through incentives in support of a new industry initiative – Race to Save – that has opened more than 30,000 new children's savings accounts in 2011 thus far. Race to Save Banks.

Teach Children to Save is a national program that organizes banker volunteers to help young people develop a lifelong savings habit. Since the program started in 1997, some 100,000 bankers have taught saving skills to nearly 4 million students.

The ABA Education Foundation provides financial education programs and resources that help bankers make their communities better. Nearly 100,000 bankers have taught basic finance skills to about 4 million young people through participation in the Foundation's signature programs, Teach Children to Save and Get Smart About Credit. Founded by bankers in 1925, the foundation is guided by a board of bankers and is an affiliate of the American Bankers Association.

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