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Jewett City Savings Bank joins “Teach Children To Save” campaign

Jewett City Savings Bank is partnering with local schools as part of the national “Teach Children To Save” campaign with savings education programs scheduled for April 25 at Moosup Elementary School and April 26 at Preston Plains Middle School. More than 150 students will participate in lessons to learn why banks are a safe place to save money, to learn the difference between needs and wants and setting priorities for spending, and to learn about personal financial responsibility and money management.

Established by the American Bankers Association Education Foundation in 1997, “Teach Children To Save” has reached more than 5 million young people through the commitment of more than 120,000 banker volunteers.  “This program gives us the opportunity to use our life experiences and banking knowledge to motivate students to become lifelong savers,” said Kevin C. Merchant, President & CEO of Jewett City Savings Bank.  The Bank offers these savings education programs throughout the year, not only to area schools but also to local libraries and youth groups.

Jewett City Savings 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, which means more trips to the bank.

•     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 ABA Education Foundation, a nonprofit subsidiary of the American Bankers Association, provides financial education programs and resources that help bankers make their communities better.  The foundation’s signature programs, Teach Children to Save and Get Smart About Credit, bring bankers and students together to increase financial literacy.  Visit the ABA Education Foundation web site for resources to “Teach Children To Save” at www.ABA.com/ABAEF/TCTS.htm