Moola-U with Peoples Bank of Alabama

Peoples Bank of Alabama has always had a strong presence in the community supporting local schools in their community and students, but throughout the past several years, plans have come together and initiatives have blossomed into the launch of the bank’s Moola-U website.

Peoples Bank, in partnership with EverFi, provides 50 high schools in their community with an online financial education course called Teen Moola U. The program launched in 32 schools with more than 3,700 students participating last year. This year, Peoples Bank hopes to reach even more. The bank provides financial literacy courses to adults.

Throughout the month of August, we’ll be posting regular posts highlighting financial literacy information, including community banks who are active in their local communities’ financial literacy programs.

Have a story to share? Reach out to either Audrey Wright-Cipriano at audrey.cipriano@icba.org or Jessica Wallace at jessica.wallace@icba.org.

Making Money Management Fun: Personal Finance Tips for Tweens

ICBA issued a press release today to provide tips for middle school-aged students. The advice is to help educate tweens on personal finance and ways to become more financially literate. Some of the tips included:

  • Making Money: Kids between the ages of 10-13 legally cannot hold part or full-time jobs, but that doesn’t mean there aren’t other ways to earn money. There are lots of opportunities to give your bank account a boost, but before you decide to start mowing lawns or walking dogs think about the hidden costs of working. Will you need supplies? What are people are willing to pay for your work? How much is your time worth to you?
  • Pay yourself first: Developing the habit of saving is one of the first steps to a bright financial future. When you receive money immediately set aside at least 10 percent. If you can save more, do so. It is recommended people of all ages pay themselves first, because if they don’t there is a good chance the money will be frittered away on non-essentials and impulse purchases.

To view the entire press release, visit ICBA’s website.

Waterford Bank, Norman and Louise Jones Foundation: Financial Literacy Development

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Waterford Bank, N.A. of Toledo, Ohio is committed to the financial education of their local community’s youth by partnering with the Norman and Louise Jones Foundation, whose mission is to enrich youth through education and professional development. Throughout 2014, the bank has worked with the NLJ Foundation to open the Career Pathway Center, a complex that houses dedicated financial education classroom called the “Money Smart” room.

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The Career Pathway Center is open every Saturday and is regularly staffed with Waterford Bank employees who instruct children ages 8-24 on banking basics, such as the difference between credit and debit, how to write a check, keeping track of a savings and checking account, and the roles of a bank. In addition to financial literacy, Waterford Bank help inspire the kids toward a career in banking by having different bank departments teach the students about specific jobs and roles.

Waterford Bank is proud to have established this resource in the community, but also make efforts to meet students where they are. Employees from Waterford go to the local schools at least twice a year to prepare junior high and high school students on the financial skills they need to be successful. Waterford Bank has had the pleasure of working with students throughout its seven years of existence and hopes to continue this legacy far into the future.

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Throughout the month of August, we’ll be posting regular posts highlighting financial literacy information, including community banks who are active in their local communities’ financial literacy programs.

Have a story to share? Reach out to either Audrey Wright-Cipriano at audrey.cipriano@icba.org or Jessica Wallace at jessica.wallace@icba.org.

Parents: How to Talk to Your Kids about Money

ICBA released advice for parents on how to talk to their children about money. Some of the tips geared toward parents of elementary school students included:

  • Teachable Moments: Look for ways to turn everyday experiences into teachable moments. A routine trip to the grocery store could turn into a discussion about the importance of budgeting and how to identify wants versus needs.
  • Earning Money: How children earn their money is up to their parents, but it is important that once they’ve earned it they understand it is a limited commodity. If your child spends all his or her money and asks to borrow more from you, don’t give in and spoil a valuable lesson.
  • A Tiered Savings System: When teaching children about money, it is suggested that parents institute a tiered system that allocates money for spending, long-term goals and charity. By automatically taking 10 or 15 percent off the top of their earnings and designating it for savings, children can develop the habit of paying themselves first at a young age.

To view all of the tips and the rest of the press release, visit www.icba.org.

First National Bank in Staunton Provides Financial Lessons to Students

Whether it’s teaching second graders or seniors in high school, First National Bank (FNB) in Staunton takes financial literacy seriously, but also knows that it needs to be fun for the children. FNB partnered with EverFi earlier this year to bring an interactive financial management program to local students at no cost to the schools.

EverFi program with teacherThis fun, web-based program uses the latest in new media technology –simulations, avatars, and gaming – to bring complex financial concepts to life for today’s digital generation. Through this platform, students become certified in hundreds of topics in personal finance, allowing them to become more informed, responsible citizens.

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Four schools in FNB’s communities used the program earlier this year and a fifth school is planning to utilize the program in the fall semester. Outside of the EverFi program, FNB also participated in a national campaign for youth that focuses on saving strategies. FNB is proud to give back to its communities through these programs and looks forward to continuing its financial lessons in more schools.

FNB employee Sharon Waterman at Midway Elementary

FNB employee Sharon Waterman talks to elementary students at Midway Elementary School.

Throughout the month of August, we’ll be posting regular posts highlighting financial literacy information, including community banks who are active in their local communities’ financial literacy programs.

Have a story to share? Reach out to either Audrey Wright-Cipriano at audrey.cipriano@icba.org or Jessica Wallace at jessica.wallace@icba.org. 

Practical Money Skills

Looking for a place to visit to get personal finance and tips on how to save, build credit or manage your finances? Check out Visa’s Practical Money Skills site.

There are resources for various life stages (saving for college, buying a home, becoming parents), as well as personal finance tips for saving and budgeting, building credit and resources for educators.

Visiting your local community bank is also an excellent idea for learning more about financial literacy. Community bankers can help play an active role in this.

Throughout the month of August, we’ll be posting regular posts highlighting financial literacy information, including community banks who are active in their local communities’ financial literacy programs.

Have a story to share? Reach out to either Audrey Wright-Cipriano at audrey.cipriano@icba.org or Jessica Wallace at jessica.wallace@icba.org.