Murphy-Wall State Bank Talks Financial Education with Pinckneyville Students
Most young people know more about texting, Facebook & Twitter than they do about budgeting and balancing a checkbook. As schools prepare students for real world success, Murphy-Wall State Bank assists by helping young people develop skills for financial success.
The Month of April is Financial Literacy Month. During April Murphy-Wall State Bank employees have visited several area grade school classes to present financial lessons. The Teach Children to Save program uses lessons that bring together real life and classroom learning, incorporating hands-on scenarios and children’s experiences to help them understand the basic principles of using money wisely. Lessons explore saving, budgeting, prioritizing and more.
Teach Children to Save is a national campaign of volunteer bankers, through the ABA (American Bankers Association), who since 1997 have helped young people develop lifelong savings habits.
Murphy-Wall State Bank offers the following tips for money-savvy parents raising money-smart kids:
1. 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.
2. 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.
3. Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
4. Open a savings account at your local bank for your children and take them with you to make deposits, so they can learn how to be hands-on in their money management.
5. Give your kids positive feedback. As they get older, give them responsibility over how they spend their money.
Murphy-Wall State Bank has been participating in Teach Children to Save Day since 1998. On Tuesday, April 24th, Murphy-Wall State Bank hosted the 4th graders from Pinckneyville District #50. Students toured the bank and watched videos on the history of money, Bureau of Engraving and Printing, the US Mint and Federal Reserve. They were given a Dollar Bill to examine and identify some of the characteristics of our US currency.
Over the month of April, Murphy-Wall State Bank employees has presented 8 financial lessons and reaching over 170 students. Murphy-Wall strongly believes that an early understanding of personal finance basics can help children develop positive money habits that will remain with them through adulthood.
To see more photos of the event, visit Murphy-Wall State Bank’s FaceBook page.