Louisville Branch Sponsors “Teach Children To Save Day”

Americans have a very low rate of savings, which can result in financial difficulties if there is a job loss, family illness or other unexpected event. One way to fix this problem is to educate children at a young age about the importance of saving.

On Sept. 27, the Louisville Branch sponsored “Teach Children To Save Day,” in partnership with the Kentucky Bankers Association, Jefferson County Public Schools and the City of Louisville. The program involved representatives from various financial institutions who conducted 45-minute lessons on how to save money in Louisville-area first-grade classrooms. The day’s participants included 12 schools, 11 banks and more than 1,000 students.

The program was part of Louisville Mayor Jerry E. Abramson’s “DollarWise Week,” a series of workshops for children and adults to help boost financial literacy and increase asset building.

Volunteers attracted the students’ attention by reading “Alexander, Who Used To Be Rich Last Sunday,” a story about a boy who had a dollar but ends up spending it on various unimportant items, instead of saving it for something he really wanted.

As part of the story, each volunteer brought along a roll of pennies that amounted to $1. As the story progressed, students removed the number of pennies Alexander spent on each item until all the pennies were gone.

During the lesson, the first-graders told the volunteers how much they were saving and what they wanted. “I almost have enough for a new bike,” one boy explained to Republic Bank & Trust volunteer LaRon Talley.

Students also participated by singing a savings song to the tune of “On Top of Old Smoky.” Each student received a green plastic piggy bank, made partly out of recycled U.S. currency, to help them on their way with saving.