If money makes the world go around, shouldn’t our kids learn about saving and budgeting now? One local bank is teaching them how to manage their finances. 7’s Lynn Martinez shows us in today’s Parent to Parent.
WSVN — A group of South Florida kids are getting a very valuable lesson.
The folks at CNL Bank feel strongly that children need to learn the cold hard facts about cash at a young age.
President of CNL Bank of South Florida, Nancy Robin: “We learn that childrens’ attitude toward money is really formed by the time they’re in the fifth grade.”
First, the group gets a behind the scenes tour of the bank. They see how a money-counting machine works and what happens when it catches a counterfeit bill. Then it’s time to get down to business. The kids take part in an interactive video game that shows them how to make responsible choices.
Nancy Robin: “Interest is the amount of money the borrower pays for the privilege of borrowing, in this case, the bank is borrowing money from Greg.”
They learn about savings accounts and earning interest, in addition to budgeting their money and balancing expenses.
Nancy says parents can continue the lesson at home or at the grocery store.
Nancy Robin: “To make just everyday things teaching moments.”
Afterwards, each child received a certificate of excellence.
Katelyn says she plans to save her money for the future.
Katelyn: “I can save up for the future.”
Silvia Gamboa: “I can save up for college.”
And Silvia says she will tell her friends that a savings account is the way to go.
Silvia Gamboa: “That it’s a better plan for the future. They can gain money from interest and add to their total.”
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