Post-recession, many states are starting to take a look at schools financial literacy efforts. According to a CNBC article published earlier this year, data released from the Financial Industry Regulatory Authority’s Investor Education Foundation, which seeks to promote financial literacy, reveals that students who are required to take personal finance courses have a higher credit score and lower debt delinquency as adults.
Although not all schools currently mandate, or even offer, financial literacy education, there may be some other options available in your community to help you educate your family about finances.
At WaFd Bank, we offer our Save at School program to local schools in many of the areas we serve. Save at School, brought to schools at no cost to the school, students or taxpayers, allows kids to make deposits to a fee-free savings account right from the classroom.
With parent permission, students are able to open a savings account right from their classroom. On the school’s “Bank Days,” students can bring in small deposits and thus learn the good fiscal habit of “thrift,” making regular contributions to a savings account. WaFd Bank representatives are onsite to teach students how to use an account register and other banking basics.