Wakulla Bank Teaches Children to Save

jason fuqua.gif Wakulla Bank employees will teach fifth-grade classes in Calhoun, Leon, Liberty and Wakulla counties on and around April 29 for "National Teach Children to Save Day," reaching more than 1,000 students with an American Bankers Association Education Foundation curriculum designed to help children save and spend wisely.

Dodson said the bank participates in part because advertisers increasingly are targeting the pre-teen market to tap into its huge buying power.

“Teach Children to Save is designed to help children make good decisions on how to manage their money,” said Wakulla Bank President and CEO Walter C. Dodson Jr. “Early lessons about savings can prepare students for a lifetime of sound money management.”

Consider these facts:

According to “The U.S. Kids Market,” a report from Packaged Facts, the 41 million children in the U.S. between the ages of 5 and 14 have more than $40 billion in direct buying power, and annually influence $146 billion worth of expenditures.
A 2006 study by Weekly Reader Research and the American Institute of Certified Public Accountants shows this age group is interested in learning about saving. When asked what they would do if given a gift of $100, 59 percent of children between the ages of 9 and 12 said they would save at least $50.
Capital One Financial Corporation's annual back to school shopping survey last year showed that 52 percent of teens want to learn about money management, 80 percent believe learning the basics of money management now will serve them in the future, and yet “a whopping” 86 percent have never taken a personal finance class in school. The study also reports that while almost half (48 percent) of parents have discussed the difference between 'needs' vs. 'wants,’ more than one-third (36 percent) have not discussed back to school finances at all with their teens.
CBS reported that in 1983, companies spent $100 million marketing to kids and today they're spending nearly $17 billion annually – more than double what it was in 1992.

Since the first National Teach Children to Save Day, nearly 47,000 bankers have reached almost 2.3 million children and teens across the country. Wakulla Bank employees in 2007 reached more than 1,000 elementary school students in four counties.\

Teachers or parents interested in learning more about Teach Children to Save may inquire at any Wakulla Bank branch or by calling 950/926-7111.

Wakulla Bank is an FDIC insured independent bank dedicated to quality and innovative service, with 16 locations in Calhoun, Leon, Liberty and Wakulla counties. The bank maintains more than $470 million in assets. To learn more, visit www.wakullabank.com .

This article originally published on April 22, 2008.