A Western Colorado Bank once again has joined in a national initiative offering financial literacy education to youth.
“We’re happy to provide financial education opportunities to the youth of our communities,” said Pete Waller, president and chief executive officer of First National Bank of the Rockies. “Children learn spending habits early, and the goal of this program is to educate them on the power of saving.”
First National Bank of the Rockies has joined in the American Bankers Association Education Foundation Teach Children to Save Program. Participating bankers across the country teach children about the concept of saving, how interest makes money grow, how to budget and how to distinguish between needs and wants.
First National Bank of the Rockies provides tips and materials on Facebook at www.facebook.com/fnbrockies as well as at each of 10 branch locations in Western Colorado.
To help parents get started, the bank also offers a few examples of teachable moments:
Bring children to the bank and show them how transactions work. Get a manager to explain how the bank operates, how money generates interest and how an automatic teller machine works.
On payday, discuss how wages are budgeted to pay for housing, food and clothing and how a portion is saved for such future expenses as college tuition and retirement.
At the grocery store, explain the benefits of comparison shopping, coupons and store brands.
Explain the many ways that bills can be paid: over the phone, by check or online. Discuss how each method takes money out of an account. Be sure to discuss late penalties and emphasize the importance of paying bills on time.
Explain that credit cards charges constitute loans that must be repaid. Share how each month a credit card statement comes in the mail with a bill. Go over the features of different types of cards, such as ATM, debit and credit cards.
Headquartered in Grand Junction, First National Bank of the Rockies also operates locations in Craig, Hayden, Meeker, Oak Creek, Rangely and Steamboat Springs. For more information, visit www.fnbrockies.com.