The Okaloosa $aves Coalition today announced its support of the national "Teach Children to Save Day" (April 25th), sponsored by the American Bankers Association Education Foundation and National Credit Union Youth Week. The goal of these initiatives is to teach children about money and the importance of saving.
Teaching children about the value of saving and the wise use of money is vitally important. The past two years have seen savings rates become the lowest since the depression. The most recent information shows our country has a negative one percent savings rate! Add to that the fact that many high pressure selling techniques are aimed at children, encouraging spending, not saving!
Since 2004, Okaloosa $aves has supported this project with a special savings incentive program. One incentive consists of $100 savings bonds awarded randomly to children participating in savings programs. Eighteen savings bonds have been awarded, and 539 youth have deposited $46,279.19 into savings accounts at local financial institutions.
