April 24 is National Teach Children to Save Day!
Since becoming Teach Children to Save Champions in 2012, Northwest Bank has had the privilege of educating almost 20,000+ students in partnership with the American Bankers Association through the National Teach Children to Save Program. In 2024, we were excited to be able to visit over 2,000 students within our local communities.
We are passionate about educating our youth about financial literacy and look forward to giving our youth a foundation for financial success.
Teach Children to Save Day is a free national program – sponsored by the ABA Foundation and Northwest Bank – that works to help young people develop a savings habit early in life. In celebration, here are a few strategies to introduce your children to the concept of saving.
Teaching kids to save is a vital step in preparing them for adulthood, and parents are the best resource to help their children get started. By using a few creative and fun ideas, parents can help their kids build and grow this skill, preparing them for a successful financial future.
- Piggy banks – Piggy banks are a simple and effective way to introduce young children to the idea of saving. Piggy banks allow the idea of saving to become tangible and visual. In addition, piggy banks come in all shapes and sizes, so parents can make saving more engaging by encouraging their child to pick out whichever one they want or by having them decorate the piggy bank.
- Savings chart – Parents can also teach their children to save using a sticker chart or other visual representation. Parents can teach their children to set small, achievable goals, then use the sticker chart to track the child’s progress toward the goal. Once the child hits their goal, reward them to positively reinforce the idea of saving and to help them stay motivated. The reward could be anything from a new toy to a family movie night.
- Allowance and chores – Allowances can be useful tools, especially when tied to completing age-appropriate chores. This teaches the child the importance of earning as well as saving. By incentivizing children to complete their chores, parents demonstrate that hard work and responsibility pay off in the long run.
- Play games – There are many board games that teach children about the value of money. Have a family game night and play Monopoly, Life or another financial-themed board game as an easy way to explain essential money skills to children. These games may teach children how to count money, make transactions, budget and more.
- Visit Your Bank – Parents can show their children how they make deposits and withdrawals. In addition, parents can ask their banker to explain how the bank operates, how money is handled, and how an ATM works. While you’re there, help your child open their first savings or checking account if they are ready for that step.
By teaching children the importance of saving, starting at a young age, parents can set them up for a lifetime of financial responsibility. By using these strategies, parents better equip their children to reach their financial goals.
