We’ve all seen it: young people developing spending habits ahead of saving habits. And curriculum demands don’t leave a lot of time for financial education. Lack of financial literacy jeopardizes monetary stability for individuals and the community.
In an effort to build financial literacy and help students pave the way to long-term success in achieving their career dreams, more than 300 volunteers from 11 area banking institutions taught lessons on the importance of saving to more than 4,000 seventh and eighth graders in Cincinnati Public Schools (CPS). The curriculum, Teach Children to Save, is a national program sponsored by the American Bankers Association Community Engagement Foundation
The lessons were part of the CPS “My Tomorrow” initiative, ensuring that students aren’t just academically prepared, but also are equipped with the life skills they will need to make good personal choices to succeed in college and careers. “Teach Children to Save is a perfect example of how partners in our community are stepping up to help us drive home those concepts,” says Mary Ronan, superintendent, Cincinnati Public Schools.
"Our local banking community understands that lives are improved when individuals have the tools and knowledge they need to successfully manage their finances," says Tim Elsbrock, market president, Fifth Third Bank. "We also understand that, like so much in life, the sooner good financial habits are adopted, the more likely they are to continue. This project aligns with the Bold Goals for Our Region in education and income, an effort led by United Way of Greater Cincinnati."
"This outpouring of support from area banking institutions is an example of the kind of collective commitment required to ensure our community’s Bold Goals are met," says Rob Reifsnyder, United Way president. Family financial stability plays a critical role in providing children with the foundational support they need to succeed in school and life. Starting lessons in school about saving is a great way to begin instilling the importance of financial stability in our youth."
United Way and Fifth Third Bank led the efforts to plan and execute the first Financial Industry Come Together Day volunteer event in conjunction with Cincinnati Public Schools and the 11 participating banks.
The project also served as United Way’s Financial Industry Come Together Day.
Participating banks included Chase, Citi, the Federal Reserve, Fifth Third, First Financial Bank, Huntington, KeyBank, Park National, PNC, Republic, and U.S. Bank. Fifth Third Bank was organizing partner.