SPRINGFIELD, Ill. (WAND) – The Illinois Bankers Association is promoting initiatives to educate the youth about responsible savings habits in celebration of Teach Children to Save Day.
On Thursday the IBA will be offering free, banker-led outreach opportunities and raising awareness about the role banks play in helping people develop strong financial habits.
“Teaching children about the value of saving money encourages this essential life skill that will be carried on from childhood to adulthood. It’s never too late to improve financial literacy and Teach Children to Save Day reminds parents and communities that it’s never too early to start,” said Randy Hultgren, president and CEO of the Illinois Bankers Association. “Financial education is a high priority of Illinois banks year-round, because knowing how to properly manage money is key to unlocking life’s dreams.”
The IBA has highlighted programs and opportunities across the state throughout the year, that help equip Illinoisans to thrive through fiscal education and achieve greater financial well-being, including the Stock Market Game.
The Stock Market Game partners banks across Illinois with schools to introduce young people to saving and investing through a simulation of the stock and bond markets.
The program allows students to trade and manage their own virtual $100,000 investment portfolio, with the top teams receiving recognition for their accomplishments with medals and certificates.
The IBA also administers Banzai, a web-based financial literacy program for all ages and groups, including K-12 schools, community programs, employee onboarding and families that teaches skills like budgeting, saving, understanding debt, using the internet safely, and more with experience-based online games.
Additional programs include the FDIC’s Money Smart initiative for people of all ages and the Teach Children to Save program, a free national program sponsored by the American Bankers Association Foundation that organizes banker volunteers throughout the year to help young people develop a savings habit early in life.
“The Illinois Bankers Association is committed to helping banks reach as many young people as possible, providing the tools they need to succeed in a world where financial stress is hitting our communities harder than ever before,” said IBA Chair Michelle Gross, who serves as the Executive Vice President, Chief Operating Officer, and Information Systems Officer with State Bank of Bement. “Teaching our children financial literacy skills from a young age will help set them on the path to achieving their goals.”
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