National Teach Children to Save Day
Each year in April, one day is designated “National Teach Children to Save Day.” On this day, volunteers and parents across the US team up to teach kids the benefits of forming good savings habits. The American Bankers Association has sponsored the day since its inception in 1997.
National Teach Children to Save Day centers around the notion that, if kids develop the habit of saving money at an early age, they build a foundation for a lifetime of saving. Having a strong savings plan and solid money management skills prepares children to meet real-world challenges and secure their futures as they transition into adulthood.
The NFEC encourages parents to take part in National Teach Children to Save Day by finding a nearby event or starting savings projects for kids at home. Giving each child a bank or opening a bank account with them is a good place to start. Help kids understand the cost and value of things you purchase for them and for the home. Clarify the difference between “needs” and “wants” and show how saving money allows you to cover your needs while getting prepared to buy things you want.
Kids’ Standards and Teaching Tips
The National Financial Educators Council (NFEC) developed a set of standards for teaching children the elements of personal finance management. These standards lay out learning outcomes, essential questions, practical teaching tips, and hands-on activities to help kids connect money lessons with real-world experiences they’ll encounter in life. The guidelines are sequenced by grade level – PK – 8th grade – to ensure that learning is appropriate for children’s age and developmental stage.
The kids’ teaching standards cover five topic areas that correspond to the NFEC’s major curriculum components:
Family Chore Project
To give parents an exciting idea to get kids started toward a lifetime of savings, the NFEC created the Family Chore Project. This project teaches children 21st-century skills like family responsibility, critical thinking, and financial decision-making. The Family Chore Project sets out how parents can structure a system of chores and income for kids that gets them in the habit of working to earn money. You tailor the system to your own family in a way that works best for you.
The NFEC separated the Family Chore Project into five age ranges to make it age-appropriate and optimize the benefits. The system helps kids think carefully about their purchases, develop a strong work ethic, get in the habit of paying common bills, and form the habit of saving money. That makes it an excellent project to get underway on National Teach Children to Save Day.
