On Wednesday April 9, Citi celebrated its National Teach Children to Save initiative with a kickoff event at the Children’s Aid Society’s College Prep Charter School (CACPCS) and C.S. 211 in the Bronx. Teach Children to Save is a program developed by the American Bankers Association to raise awareness about the important role banker’s play in helping young people develop lifelong savings habits.
Children’s Aid Interim CEO Bill Weisberg and Children’s Aid College Prep Charter School/C.S. 211 staff were excited to welcome Citi U.S. Consumer & Commercial Banking President Cece Stewart, NFL star Justin Tuck, and Deputy Mayor Rich Buery, who would lead the day’s activities. Local Citi branch volunteers offered financial literacy workshops to CACPCS first and second graders and C.S. 211 middle school students on the importance of saving for the future and healthy money habits, such as understanding needs versus wants and spending money wisely. Justin Tuck encouraged the young scholars to keep saving and studying
The Children’s Aid Society event is one of 100 throughout the country. More than 500 Citi Consumer Banking employees across the United States will volunteer in classrooms, after-school programs and Citibank branches this month, reaching more than 9,000 students in grades K thru 12 in support of this national campaign.
The Teach Children to Save program offers the following tips to teach kids the financial facts of life:
- Talk about money. The best financial lessons happen during every day experiences, such as going to the grocery store or going on an errand with Mom or Dad. Encourage them to ask you questions about money, and be prepared to answer them – even the tough ones.
- Explain the difference between needs and wants, the value in saving and budgeting and the consequences of not doing so.
- Open up a savings account at your local bank for your children and take them with you to make deposits. That way the children can learn how to be hands-on with money management.
- Children tend to emulate their parents. Be a conscious spender and an active saver.