Bank of Eastern Oregon Employees Participate in

National Teach Children to Save Day

Taranna.TeachChildren.jpgHeppner, OR (June 2013)As part of the American Bankers Association Education Foundation’s Teach Children to Save Program, this is the 8th year Bank of Eastern Oregon teamed with local schools and thousands of bankers across the country to teach the concept of saving, how interest makes money grow, how to budget, and how to determine needs and wants. Bank of Eastern Oregon’s employees visited 19 elementary schools in its local banking communities and presented 1,400 students in grades kindergarten through fourth with a BEO mini flashlight.

 

Above:  Taranna Patton, teller at BEO's Ione branch, with Ione Community School's 1st & 2nd graders.

“Studies show kids aren’t learning the skills they need to make smart financial decisions as adults,” said Jeff Bailey, president and CEO. “Communities and schools teach other life skills, but we don’t spend enough time teaching financial skills. Bankers went to local schools to help prepare our future customers for financial success.”  A significant number of schools were reached by the staff of Bank of Eastern Oregon in the eastern Oregon rural communities it serves. “We use our previously announced partnership with Everfi Financial Literacy program to further enhance the financial education of the youth in our area,” added Bailey.

Bank of Eastern Oregon offers the following tips to help parents make every day “Savings Day”:

  • Help kids open up their own bank savings account and make deposits regularly.  BEO has children’s accounts with no fee or minimum-balance requirements.
  • Kids love to get mail so encourage them to keep an eye out for their quarterly statement.
  • Make going to the bank fun! Bring your child with you to the bank and help them deposit a dollar or more into their account. They’ll be amazed how quickly their savings can build and learn a great lesson for the future.
  • Talk to your child about the family budget.  Include a discussion on wants and needs. Reinforce this by budgeting for a family outing or purchase.
  • While children know that money doesn’t grow on trees, they may think it comes out of a wall.  Show them how an ATM works and explain that to take money out of the bank you must first put it in.
  • Give your kids positive feedback.  As they get older, give them responsibility over how they spend their money.

Bank of Eastern Oregon supports the ABA Education Foundation, a non-profit subsidiary of the American Bankers Association committed to developing and providing education programs leading to financial literacy. The ABA Education Foundation’s National Teach Children to Save Day is held during the spring when thousands of bankers make presentations to students on the importance of saving for their future.