The Independent Community Bankers of America announced last week an agreement with financial literacy program Banking on Kids—a partnership aimed at educating American youth on financial basics and making smart financial decisions.
“Teaching children about the importance of financial education at a young age is a great way to encourage financial literacy in adulthood,” ICBA Chairman and President Bill Loving said. “The Banking on Kids program is a great opportunity to educate students in kindergarten to eighth grade, as well as their parents, about the value of saving money. You are never too young–or old–to learn steps on how to properly manage your money.”
The program encourages students to make weekly in-school savings deposits. All deposits made on a scheduled school day by students are taken to a community bank. The funds eventually become individual interest-bearing savings accounts.
Launched in 1995, Banking on Kids has been introduced in more than 300 schools across California, Kansas, Missouri and Wisconsin, reaching more than 150,000 elementary and middle school children and their families.
The ICBA represents nearly 7,000 community banks of various sizes and charter types. It has almost 5,000 members, which hold $1.2 trillion in assets, $1 trillion in deposits and $750 billion in loans.