SALT LAKE CITY, Utah; April 27, 2023 — At a time when the personal savings rate has hit a slump, Zions Bank employees are helping elementary school students understand the value of putting away money for a rainy day.
Zions Bank President and CEO Scott Anderson and Utah Rep. Sandra Hollins visited Backman Elementary School in Salt Lake City on Thursday, April 27, to teach sixth grade students about the importance of setting aside money for unexpected expenses — or for great opportunities that come up without warning.
Hollins and Anderson are among dozens of Zions Bank employees who are teaching 2,000 K-12 students their financial ABCs in April and May in honor of National Teach Children to Save Day.
“National Teach Children to Save Day is an opportunity to instill positive lessons about saving and spending money,” Anderson said. “Helping children develop healthy financial habits will help empower them to become responsible adults.”
These lessons come at a time when the personal saving rate has been declining. After peaking at 33.8% in April of 2020, the U.S. personal saving rate — the percentage of income left over after taxes and spending — stood at 4.6 percent in February.
Since opening for business 150 year ago, Zions Bank has been encouraging people of all ages to save money. An 1893 bank ad declared “minor children have right to deposit money in their own name and payable only to their own order.” In honor of the bank’s 150-year anniversary in 2023, Anderson and Hollins presented each student with $1.50 in cash to help them start their savings journey.
Parents and guardians can follow these six simple steps to enhance their children’s saving habits:
- Set the example. Model responsible money management by paying bills on time, being a conscientious spender and an active saver. Children tend to emulate their parents' personal finance habits.
- Set goals. Help your child set short- and long-term goals so they can learn how to save money they earn through chores, receive as gifts, or get through an allowance.
- Start talking. When your children hear you generally discuss bills, loans, and checking accounts, they can learn the roles money plays in our lives. Talk to them about your experiences with money — even your mistakes. Encourage questions, and be prepared to answer them.
- Teach the uses of money. Teach your children the four uses of money: spending, saving, giving and investing. Help them allocate their money into those categories. A good formula is 10 percent for savings, 10 percent for giving, 10 percent for investing (or long-term savings), and the rest for spending.
- Keep track. Children learn visually, so consider creating a system that will allow them to watch their money grow as they save. Clear glass or plastic jars work well. Older children can record the money they earn and where they spend it, or open a savings account to see their money grow as they accrue interest.
- Explain wants and needs. Teach children the difference between the things they need and the things they want, and the value of saving and budgeting. There can be real-life consequences when these differences and values are not understood.
About Zions Bank
Zions Bank is Utah’s oldest financial institution and is the only local bank with a statewide distribution of branches, operating 95 full-service branches. Zions Bank also operates 26 branches in Idaho and Wyoming. In addition to offering a wide range of traditional banking services, Zions Bank is a market leader in small business lending. Founded in 1873, Zions Bank has been serving the communities of Utah for 150 years. Additional information is available at www.zionsbank.com. A division of Zions Bancorporation N.A., Member FDIC.