In observance of Teach Children to Save Day on April 29, Lakeland Bank is encouraging families to recognize the day by communicating the value of saving money to the young people in their lives.
“Education and hands-on money experience are critical to ensuring a new wave of smart money managers,” said Thomas Shara, President and CEO. “We want parents to know that saving is important and everyone can do it, even kids.”
Lakeland Bank colleagues will be visiting schools in April, May and June to share lesson plans that cover topics such as the difference between needs and wants, learning how to identify expenses, and ways to cut spending as well as providing tips on how to keep their identity safe.
Lakeland Bank offers the following tips for raising money-smart kids:
♦ Set the example of a responsible money manager by paying bills on time, being a conscientious spender and an active saver. Children tend to emulate their parents' personal finance habits.
♦ Talk openly about money with your kids. Share your values and experiences with money. Encourage them to ask questions, and be prepared to answer them–even the tough ones.
♦ Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
♦ Open a savings account for your children and take them with you to make deposits or show them how you manage money online or with your mobile device. They will learn better money management skills if they have hands-on experience.
♦ Let friends and family know about your child’s savings goal. They’ll be more likely to give cash for special occasions, which means more trips to the bank.
Since its inception in 1997, the American Bankers Association Education Foundation’s Teach Children to Save Day has reached more than 5 million young people with the help of some 120,000 plus banker volunteers. Learn more at www.teachchildrentosave.com.
About Lakeland Bank Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), which has $4.2 billion in total assets. The Bank operates 53 New Jersey branch offices in Bergen, Essex, Morris, Passaic, Somerset, Sussex, Union and Warren counties; five New Jersey regional commercial lending centers in Bernardsville, Montville, Newton, Teaneck and Wyckoff/Waldwick; and two commercial loan production offices serving Middlesex and Monmouth counties in New Jersey and the Hudson Valley region of New York. Lakeland Bank offers an extensive suite of financial products and services for businesses and consumers. Visit www.LakelandBank.com for more information.