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Piggy Bank Lessons

Contributed by: Cindy Kirby on 4/30/2008

April 29 was National Teach Children to Save Day


(Denver) Each year, teenagers in America spend $180 billion, or $104 each week. To prevent these spending habits from leading to bankruptcy and indebtedness, Governor Bill Ritter has proclaimed April 29 th, 2008 as National Teach Children to Save Day.

Earlier this year, a financial advisor from Edward Jones, Tom McLean of Westminster, asked his State Representative Debbie Benefield (D-Westminster, Arvada) to propose National Teach Children to Save Day in Colorado, to promote financial literacy and responsibility among Colorado's youth.

In the 1980's, Americans saved 9 cents on every dollar that they earned. During the 90's, they only saved a nickel. The most recent reports indicate that Americans are spending more than they earn, and have a negative savings rate of 0.5 cents.

Accordingly, Tom McLean and several other financial advisors and bankers from the American Bankers Association will be participating in National Teach Children to Save Day. Mr. McLean will be visiting 1 st and 3 rd grade classrooms in Westminster to raise financial awareness. Throughout the week, he will be giving lessons, piggy bank in hand, at 4 elementary schools: Tarver, Arapahoe Ridge, Hunter's Glenn, and Le Roy.

"Basic education in financial and economic literacy help form lifetime savings habits and the wise use of credit," Rep. Benefield said.

Although the program is directed towards America's youth, National Teach Children to Save Day serves to remind everyone about the importance of fiscal responsibility.

The proclamation is timely, given that a financial literacy education bill, House Bill 1168, is making its way to the Governor's desk. Sponsored by State Representative Rosemary Marshall (D-Denver ), the bill advises Colorado schools to integrate financial literacy education as part of the math curriculum. If passed, students will be taught penny-saving smarts throughout their K-12 education years.

"We know that Americans are spending more and saving less. This is a proactive plan to teach our children how to manage money and avoid credit card debt down the road" Rep. Marshall stated.

The bill comes in response to sobering information about young people's financial acumen. Despite spending $150 billion annually, a 2006 nationwide study showed only 52 percent of young Americans demonstrated sufficient personal financial literacy, and the average high school senior only answered 48 percent of questions about economics and finance correctly.

House Bill 1168 has passed the House and now awaits approval from the full Senate, where it is sponsored by Senator Chris Romer (D-Denver).


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CONTRIBUTOR INFORMATION

Cindy Kirby

Arvada , CO

Cindy Kirby has posted 42 stories and 0 comments since joining on 8/31/2006. Cindy Kirby 's average story rating is 5.
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