Bankers teach financial literacy to children
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RONAN – Approximately 25 percent of adult Americans saved nothing during 2014, but local bankers and child care providers are trying to make sure the upcoming generation does a little bit better financially.
First Interstate Bank last week conducted the first of what is expected to become regular quarterly meetings with both campuses of the Boys and Girls Club of the Flathead Reservation and Lake County.
Using candy that represented money, Donna Gebhart and Karen Dellwo taught the students how saving their money over time could allow them to accumulate larger sums, especially with accrued interest. The ladies also got the kids thinking about ways they could earn money instead of getting it from their parents.
“Ok, so other than your birthday money or getting money from grandma, how are you going to make more?” Dellwo asked.
Hands shot into the air. Standard answers followed: babysitting, shoveling snow, raking leaves, washing cars, selling lemonade. But some had more creative answers like setting up a spaghetti booth.
Dellwo encouraged the kids to earn money, and save it for large purchases. She reminded them that they should look for hidden fees and costs that aren’t seen on the price tag. For instance, cars carry the additional cost of gas and insurance.
Club Executive Director Aric Cooksley said he hopes the lessons take root.
“Just from personal experience, financial literacy is something that doesn’t come intuitively to the majority of people,” Cooksley said. “You can look around at a lot of examples in our society that demonstrate that. Really the decisions the kids make over the next 10 or 15 years, when they are in elementary and middle school either set them up for a good financial future or set them up for some financial challenges. If we can set them up and help them understand some tricks of the trade or avoid some of the pitfalls ultimately, they will be able to make better decisions and setting them up financially.”
Cooksley thanked Dellwo, Gebhart and Shad Hupka, who volunteered, for their help.
“We’re very thankful that First Interstate has seen this as a need and will be working on this,” Cooksley said.
