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The ABA Education Foundation offers tips for parents to foster the savings habit in their children:
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 Give them an allowance with the understanding that part of it goes into their own savings – a first step toward learning to budget.
- To make their savings visible and real, have them build up savings in a piggy bank. Then help them open their own bank savings account, and have them make deposits each month.
- Use their monthly statements or the record in their savings passbooks, to show them how their money is multiplying.
- For every dollar your children earn, encourage them to spend 25 cents on what they want or need now, put 25 cents away for a bigger-item purchase later and save or invest the rest. (That’s a 50 percent savings rate!)
- Make savings and investing fun. Give your children play money to “invest” in stocks they can track in local newspapers. If the stocks go up, pay them in more play money; if the stocks decline, they pay you.
According to the 2005 ABA Banking Journal Community Bank Competitiveness Survey, nearly 60 percent of community banks are taking steps to build relationships with children of all ages in their communities. Of those banks forging ties through financial education, most are supplying bankers for classroom lessons.
While progress in being made, there’s still a great need for financial education across the country. As a banker, you know the importance of financial education and what can happen when customers are uninformed. You have the expertise to help fill the gap and be a financial education leader in your community.
This April, share savings lessons with local children and teens. You’ll be educating your future customers and helping create lifelong savers by providing valuable money lessons. You might even take the opportunity to provide educational resources to families and gain new customers.
The Children's Online Privacy Protection Act (COPPA) was passed to give parents increased control over what information is collected from their children online and how such information is used. The law applies to websites and services directed to, and which knowingly collect information from, children under the age of 13. Cornhusker Bank's websites and online services are not directed to children under the age of 13, nor is information knowingly collected from them. For additional information on COPPA protections, visit the Federal Trade Commission's website at www.ftc.gov/privacy/privacyinitiatives/childrens. For further information, the Federal Government has created a Web site, Kidz Privacy, aimed at educating both parents and children about the dangers of the Internet and how to browse safely.
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