Each year in April, National Teach Children to Save Day encourages children to develop responsible saving habits.
A national campaign of the American Bankers Association Education Foundation, its purpose is toraise awareness about the role that banks play in helping young people develop lifelong savings habits. This campaign offers resources for teaching children to recognize the importance of financial literacy, and the Securities Division of the Tennessee Department of Commerce and Insurance is joining in the celebration by encouraging parents, teachers, bankers and neighbors to teach children in their communities to save. They are also sharing tips and tricks on how to encourage children to save early and wisely.
Providing our youth with a basic understanding of financial concepts and helping them recognize the power of saving not only improves their personal well-being, but also strengthens our financial institutions by establishing a savvy customer base. The habit of saving, budgeting and balancing financial obligations should start at home and continue to be taught as a child matures. Teaching children how to save can be a fun activity that instills an important life lesson while providing them with the confidence and knowledge to make sound financial decisions for their future and avoid pitfalls that can be potentially be financially devastating.
We encourage all Tennessee parents and their children to observe this day by first finding an event near you. Given COVID-19 requirements, there may not be an event this year in your area, so alternatively, you can also start projects at home that encourage your children to save.
Here are a few tips to get your child started:
- Give your child a piggy bank. Kids are visual, and they like to see tangible results from their efforts. Filling up a clear jar and watching the pile grow is a good way to get kids invested in learning to save. Turn the lesson into a fun project by decorating the jars together and you can then turn it into a competition to see who can save the most. Have everyone who is participating get their own jar and the participant with the most in their jar by the deadline wins!
- Open a savings account for your child so you can monitor their account and watch it grow together.
- Take the time to show them what things cost. The next time you are at the store together and they want to buy a new toy, direct them to their savings and ask them to consider whether the toy is worth the amount they want to spend and if they have enough in their savings to purchase it by themselves. If they still want to purchase the item, have the child pay for it. The act of paying with their own money will demonstrate to them the cost of the toy and how much savings they need in order to afford items they want.
- Demonstrate the differences between needs versus wants. Explain how water, food, clothing and shelter are necessities and teach them the importance of placing their needs before their wants – even in your family’s daily shopping. Wants are items that we do not need to live. For example, we can live without going eating out at restaurants, buying a new television or the latest phone. Therefore, understanding this difference will help them evaluate their purchases in a smart way that will set them up for financial success in their future adult years.
To learn more about this day’s events, visit: https://www.aba.com/advocacy/community-programs/teach-children-save/teach-children-to-save-faqs.
Additionally, you can reach out to the Tennessee Securities Division by calling 615-741-2947 or emailing securities.1@tn.gov.
Rachel Carden Serves as the Director of Investor Education for the Securities Division at the Tennessee Department of Commerce and Insurance.
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