03/15/2012 Bar Harbor Bank & Trust Participates in Teach Children to Save Day
In 2011 at the Sedgwick School, Bar Harbor Bank & Trust employees, Margie Gray (left) and Brenda Condon (right), teach a class about the value of saving money.
Bar Harbor, Maine — Bar Harbor Bank & Trust is participating in the 16th Annual National Teach Children to Save day on April 24, sponsored by the American Bankers Association. The Teach Children to Save program connects bankers with students to provide education about the value of saving money. Bankers use their real life experiences and professional knowledge to motivate students to become lifelong savers. If you are interested in having a Bank employee teach a savings lesson at your school or to a community group, please contact Margie Gray, AVP/ Product Development & Research at 667-0660 x4557.
Over the coming weeks, Bar Harbor Bank & Trust employees will visit local school classrooms to present Teach Children to Save lessons to students. On April 24, Lisa Parsons andMarcia Bender will teach a lesson at Mount Desert Elementary School. On April 20, Margie Gray, Faye Allen, and Mikey Bannister will present lessons to children of a Hancock County based homeschool cooperative. "Already this year lessons have been taught to children enrolled in an after school program in Lubec and to a Girl Scout troop in Deer Isle," said Gray. "Any time of year is a good time to teach children about the value of saving money."
There are many benefits to saving money at a young age and those benefits will last a lifetime.
- Kids who save are more likely to go to college. Research conducted by Washington University's Center for Social Development found that children who have a savings account in their name are seven times more likely to attend college than similar youth without an account.
- Teaching kids to save teaches self control. Choosing to save instead of spend, is an exercise in self control. The famous 1927 Stanford Marshmallow Experiment showed that kids with self control are psychologically better adjusted, more dependable and do better in school.
- Children savers have a better outlook on life. Children with a savings account have lower stress and a greater sense of hope for the future, according to the SEED Initiative.
- Savers are more financially literate. Students with a bank account tend to be more financially literate than those without an account, according to a national financial education survey compiled by the Jump$tart Coalition for Personal Financial Literacy.
The ABA Education Foundation provides financial education programs and resources that help bankers make their communities better. More than 123,000 bankers have taught basic finance skills to some 5.2 million young people through participation in the Foundation's signature programs, Teach Children to Save and Get Smart About Credit. Founded by bankers in 1925, the foundation is guided by a board of bankers and is an affiliate of the American Bankers Association. For more information, visit www.abaef.com or call 1-800-BANKERS.
Bar Harbor Bank & Trust, celebrating 125 years of service, is a community bank with more than $1 billion in assets. Founded in 1887, they offer a full range of financial services and products for families, businesses, and non-profit organizations throughout Maine with 12 locations along the coast. Bar Harbor Bank & Trust is a subsidiary of Bar Harbor Bankshares (AMEX:BHB) and is named one of the 2011 Best Places to Work in Maine. For more information call 207-288-3314 or go to www.bhbt.com.