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CNB Teaches Children to Save
ENID, OKLA. – As part of the ABA Education Foundation’s Teach Children to Save program, Central National Bank met with Garfield students on May 2nd and 3rd about the importance of saving. More than 200 local youths explored the difference between needs and wants, learned how to identify expenses, and decide on financial trade-offs while looking at ways to cut spending.
Established by the American Bankers Association Education Foundation in 1997, Teach Children to Save has reached more than 6 million young people through the commitment of 130,500 plus banker volunteers.
Central National Bank offers the following tips for money-savvy parents raising money-smart kids:
- Set the example of a responsible money manager by paying bills on time, being a conscientious spender and an active saver. Children tend to emulate their parents’ personal finance habits.
- Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions, and be prepared to answer them – even the tough ones.
- Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
- Open a savings account for your children and take them with you to make deposits, so they can learn how to be hands-on in their money management.
- Let them make mistakes. As they get older, give them responsibility over how they manage their money. When they make mistakes, use it as a teachable moment to discuss the right way to handle money.
As part of our ongoing Centennial Celebration, each child received a $5 gift certificate for deposit into a CNB savings account. Piggy banks and coloring books were given to each child as well.
“This program gives us the opportunity to share our life experiences and banking knowledge to motivate students to become lifelong savers,” said Sarah Smith, Education & Development Manager.
About Central National Bank
Chartered in 1913, CNB is a full-service FDIC-insured financial institution with over $560 million in assets. Along with traditional banking products such as checking and savings accounts, Certificates of Deposits and loan products, CNB also issues and processes prepaid cards for universities, employers and program managers. Central National Bank has locations in Enid, Blackwell, Bartlesville, Mooreland, Woodward and Tulsa. For more information please visit the bank’s website at www.cnb-ok.com.
About the ABA Education Foundation
The ABA Education Foundation, a nonprofit subsidiary of the American Bankers Association, provides financial education programs and resources that help bankers make their communities better. For more information please visit the ABA’s website at www.aba.com.