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Teach children to save, or else
Apr 04, 2013 | 1047 views | 0 0 comments | 26 26 recommendations | email to a friend | print
Don Milne
Financial Literacy Manager
Zions Bank
Don Milne Financial Literacy Manager Zions Bank
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I recently saw a video where a young woman in Florida was appearing before a judge who was setting her bail. The judge asked her if she had any assets. She proudly stated that she a lot of assets because she had jewelry and credit cards. I thought, didn’t anyone teach this woman about money when she was growing up?

I am hopeful that the children in Davis County are getting better help. April is National Financial Literacy Month and April 23 is National Teach Children to Save Day, so there will be increased focus on the importance of learning while young to be wise with money. Governor Herbert will recognize this with a special declaration. Bankers will be visiting hundreds of classes all across the state sharing lessons about how and why learning to save is so important.

Teens are even teaching other teens about this important message via videos in a Zions Bank contest I have been involved with. Last year, Davis High School student Tiffany Bean won $250 each for her and her school for her video. You can find it on YouTube. Just search for “Save for a Change Zions Bank.” You can also see additional student made videos on this subject, including the new 2013 winners at zionsbank.com/financialize. The contest was part of Zions Bank’s new Financialize by 18 initiative, which has the goal of providing information for parents to teach children about money and finances.

The Utah Legislature was one of the first in the nation to recognize the importance of teaching children about money, and since 2008, Utah students have been required to complete one semester of financial literacy education in order to graduate from high school. More help is on the way. In the recently completed 2013 session, the legislature passed Senate Bill 43, which will strengthen financial literacy education at all grade levels.

And if getting a financial education at school is not enough, there are now online games that teach how to be smart with money. Instead of firing angry birds at pigs, young people can learn how to save and invest while fighting off bunnies. Check out the award winning Farmblitz at zionsbank.financialentertainment.org.

With resources like this, we in Utah are making it hard for any of our students to end up clueless and broke.

We want your comments! How do you teach your children to save?

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