Can You Market Financial Education? State Bank & Trust Thinks “YES!”
Laurie Anderson, State Bank & Trust, Nevada
Financial education is a soft way for bankers to introduce themselves to faculty, staff, administration, parents and most of all the STUDENTS! You want to be their first banks. By reaching out to students, you are building that relationship early. Statistics show that over 25 percent of students still connect with their first bank.
Do you remember life without cell phones, e-mail and even computers for that matter? It’s hard to remember life before . . . same is true for financial literacy. Now it is on everyone’s mind . . . even the President!
“The more financially literate our society is, the more hopeful our society becomes.”
Only nine states currently have a personal finance component as a requirement for graduation, with seven additional states introducing legislation in 2006. According to the US Commerce Dept., our national savings rate rivals the rates during the Great Depression. Last year the personal savings rate, measured as a percentage of disposable income, was -1.0 percent, far below any other industrialized nation. This rate has steadily declined over the past 10 years.
What is the problem? Americans don’t save, we like to spend! (often money we DON’T have.) Teaching children how to save and budget will help them manage their finances in the future, learning the concept of “paying yourself first.” Bankers are experts at money management, so it’s a natural fit for us to be involved in financial education efforts.
So how can you participate?
State Bank participates on several levels. ABA sponsored events like “Teach Children to Save” and “Get Smart About Credit” days are just a few examples. We put together teams of bankers to give presentations on those days. State Bank, partnering with our local multi-age elementary students, decided to start an in-school, student-run bank program that reflected SBT’s mission statement:
“To be the leading provider of financial services for the communities we serve.”
We hope not only to give students a “hands-on” job experience on how to deal with life skills and incorporate the pillars of character everyday, but also provide an educational experience with handling money and the responsibility that goes with it!
The Lil’ Cub’s Bank was a pilot program this past year, due to the overwhelming response from the staff, the program will be open to all 1st through 4th grade elementary students next year.
Persistence is the Key!
Don’t give up too early. It is our experience that partnering with schools takes time, hard work and persistence. SBT’s dedication to this important issue has kept us in educator’s thoughts, and helped them work us into their schedule. We have found these efforts have paid for themselves several times over!
Now is the time to act, when school teachers and leaders are working on next year’s curriculum. Make it a priority to share information about the need for financial education among today’s youth and offering your bank’s help to fill this gap in your communities!
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