Ridgewood Savings Bank Teaches Financial ABCs
Employees of Ridgewood Savings Bank gave personal finance and savings lessons to approximately 3,200 students from 27 public and private junior high schools and one high school throughout Queens, Brooklyn, The Bronx, Manhattan, Westchester, Nassau and Suffolk Counties as part of the American Bankers Association Education Foundation's National Teach Children to Save Program.
During April and May, 46 Ridgewood Savings Bank employees joined thousands of bankers across the country who went "back to school" to help fill the need for financial education among students.
"As a community-focused bank, we routinely emphasize 'Saving is the Secret of Wealth', a lesson that is central to the Ridgewood culture. Through this program, we want to help young people understand personal finances and impart the critical importance of saving. It is our hope these messages will remain with them throughout their lives," Ridgewood Savings Bank Chairman, President and CEO William C. McGarry said.
The presentations included activities on the concept of saving, how interest makes money grow, how to budget and how to distinguish between needs and wants. Since the American Bankers Association Education Foundation's National Teach Children to Save Day began in 1997, thousands of bankers have taught money skills to more than one million students.
Ridgewood Savings Bank offers the following five tips to help parents make every day a "Savings Day":
• Help kids open their own bank savings account and make deposits regularly. Many banks offer kids accounts that have no fee and minimum-balance requirements.
• Kids love to get mail, so encourage them to keep an eye out for their monthly statements.
• Kids love to surf the net, too. Most banks have online calculators that kids (and grown-ups) can use to plan their savings.
• Talk to your child about the family budget. Include a discussion on needs and wants. Reinforce this by budgeting for a family outing or purchase.
• Give your kids positive feedback. As they get older, give them responsibility over how they spend their money.
This was the first year that Ridgewood Savings Bank decided to teach at the high school level. Different curriculums were designed for the various age groups to keep the event interesting and challenging.
Ridgewood Savings Bank Assistant Vice President LouAnn Mannino declared, "Each year we have received excellent feedback from both the schools and the presenters. We all were gratified to be a part of this program again and were energized by the students' enthusiasm. They were engaged and inquisitive, which clearly served to remind us all of why we participate in this event."
The ABA Education Foundation, a nonprofit subsidiary of the American Bankers Association, is committed to developing and providing education programs that lead to financial literacy. On the ABA Education Foundation's National Teach Children to Save Day every April, thousands of bankers make presentations to students on the importance of saving for their futures.
Chartered in 1921, Ridgewood Savings Bank (www.ridgewoodbank.com) is the largest mutual savings bank in New York state with $4.1 billion in assets, serving customers throughout the New York metropolitan area. The ABA Education Foundation, a nonprofit subsidiary of the American Bankers Association, is committed to developing and providing education programs that lead to financial literacy. On the ABA Education Foundation's National Teach Children to Save Day every April, thousands of bankers make presentations to students on the importance of saving for their futures.