REPORT FROM THE HANABUSA CAMPAIGN – U.S. Representative Colleen Hanabusa (HI-01) will participate in the American Bankers Association’s 2012 Teach Children to Save initiative with a visit to Pahoa Elementary School on Tuesday, May 1 from 12:30 – 2:00 p.m. She will speak at the school assembly from 12:30—1p.m., and visit classrooms from 1—2p.m. Bank of Hawaii is hosting the event locally.
“This is a great opportunity,” Hanabusa said. “It’s a chance to teach children about the basics of budgeting, weighing needs versus wants, and encouraging planning for the future, lessons that are important for the kids and for our community. Teach Children to Save promotes the importance of saving early and saving often, which are pivotal to personal and national economic success. ”
For communities, lessons demonstrate how banks and schools can work together to increase financial literacy. Some 20 members of Congress have participated in past Teach Children to Save lessons.
One measure of the program’s importance is that children with savings accounts in their names are seven times more likely to go to college. This year, bankers will put their lessons into practice by opening 100,000 children’s savings accounts.
Teach Children to Save Day is observed April 24 during Financial Literacy for Youth Month, but financial education events occur throughout the year. In October, bankers will be participating in Get Smart About Credit Day to teach students the importance of establishing and protecting their credit. Many banks also will be hosting local events of the ABA’s video contest, “Lights, Camera, Save!”