Teaching Children to Save
On May 9, 2022, Wakefield Co-operative Bank’s Community Relationship Manager, Janet Rivers recently spent time at the Lincoln School in Melrose teaching fourth grade children about the importance of creating a savings and spending plan, as well as fun ways to earn money and spend responsibly.
Financial Literacy programs for children are a great way to prepare them for the financial decisions that lie ahead. The goal is to introduce the concepts of spending plans and budgets, and to help students navigate decisions around money. Categories of: Spend, Save and Share were discussed along with the importance of long term savings and charitable contributions.
Fostering financial responsibility at a young age results in financial success later in life. Janet creates a fun interactive learning experience for the children who are encouraged to ask questions during this informal but informative class.
“It is encouraging to know that some parents are already preparing their children for financial responsibility by allowing them to “shop sales” in grocery stores enabling the family stay within a budget. It is never too early to introduce children to the concept of earning their own money to contribute to that special purchase they’re hoping to buy!” said Janet.