IB delivers class on savings
The subject matter of some parent/ child talks can be difficult. At times they never even occur because of the discomfort associated with the subject or perhaps the information get delivered in a kind of stunted and piecemeal manner with limited benefits. That’s when an outside source can be helpful.
We’re talking about finances of course.
How old were you when you learned about money? Where did you learn it and from who? Did someone in your family provide information or did you hear it on the street?
The importance of developing money management skills early on is a concept embraced by staff members of Independent Bank who delivered a Financial Literacy Workshop with the 3rd and 4th graders of Velma Matson Elementary.
Elizabeth Wendt, who taught the classes along with Erika Bowman spoke about the experience.
“One of the students had opened a Swift Saver right before we came to visit the classes and he was so excited to brag to his classmates about his Swift Eagle and how he almost has his coin book filled.
“You would also be surprised how many kids want to save up to donate to various causes and people in need. One a little girl wanted to buy her grandpa hearing aids.
“Interestingly quite a few kids want to save up to buy their own cow.”
Cow craving aside, Ms. Wendt was impressed by their enthusiasm for having their money work for them.
“A lot of kids inquired on how much interest they would earn with the accounts. They were all about the free money they would earn between interest and their coin book match deposit.”
“Independent Bank believes in giving back to the community and investing in it’s future leaders,” said Rhonda Buter AVP Bank Manager.”These programs are a fun, interactive way for us to help educate students about the importance of money and how to set themselves up for success.”
“Programs like Teach Kids to Save are designed to help inform students about finances; the importance of savings, how interest works and, properly managing their funds. Students are also encouraged to share what they learned with their families and to establish a savings account to start working toward their savings goals.”
We asked Ms. Buter how the lessons have been received from the kids schools and parents.
“The schools are incredibly welcoming and accommodating; often changing their lesson plans to incorporate our presentations. Kids have been excited to explain how they earn money and what they are saving for. They are often astonished to hear how they can come into the bank, open an account, and do transactions just like adults can. Parents are incredibly responsive; bringing their child into the bank to see their “what are you saving for” colored picture that is displayed, asking additional questions and thanking us for taking the time to talk at the schools.”
The ‘What are you saving for?” colored pages have filled the walls of the Newaygo branch and the winner of the random drawing, Addison Elder was honored with a visit to the classroom by IB’s eagle-eyed (and finely feathered) mascot Swift who flew in to help present Addison with a $25 deposit certificate.
Kudos to Independent Bank for providing this money management initiative and double kudos to Swift who braved the day’s boiling temperatures while fully feathered and managed to maintain his legendary good humor.