Wednesday, November 14 , 2018, 12:18 am | Fair 54º

 
 
 
 

Montecito Bank & Trust Teaches Students That Saving Makes Cents

Bank associates fan out across local schools and talk to 1,800 students about financial responsibility

For the past four years, Montecito Bank & Trust has supported national Teach Children to Save Day with a commitment to reach an increasing number of students each year. On Thursday, the bank far exceeded its 2010 goal of reaching 1,000 students by teaching 1,800 students financial education and promoting financial responsibility.

In 2009, Montecito Bank & Trust had 36 of its associates teaching 750 school kids all in a single day, but a bankwide challenge was sent to associates to exceed last year’s numbers with a target challenge of teaching 1,000 kids. On Thursday, 64 bank associates taught 1,800 kids ranging from kindergarten through 12th grade in Santa Barbara, Goleta, Carpinteria, Ventura and Westlake Village.

The goals of the day included teaching children the importance of saving, how to plan for their purchases and how to make their money grow. Older children learned about the compounding of interest, budgeting for things such as college and buying a car, and some credit card basics.

“Studies show that kids aren’t learning the skills they need to make smart financial decisions as adults,” said bank CEO/President Janet Garufis, who taught two classes Thursday at Santa Barbara High School. “Communities and schools teach other life skills, such as driving a car, but we don’t spend enough time teaching financial skills. Bankers are in the schools today to help fill that gap and prepare future customers for financial success. This is more critical today than ever.

“I am so proud of our associates for their hard work in preparing for today and in exceeding our bankwide challenge goal. There will be wonderful stories to share in the bank, and today is especially memorable for our associates who visited their child’s classroom. Our plans for financial education support are growing into a greater effort as schools reach out to us for more financial education help. Because of these requests, we are dedicating time to create a broader outreach. It is just another example of how Montecito Bank & Trust connects with its local communities.”

Thursday’s presentations included games and activities about the concept of saving, how interest makes money grow, how to budget and determining needs and wants.

The following tips were offered to parents to make every day “Savings Day”:

» Help kids open up their own bank savings account and make deposits regularly.

» Make going to the bank fun.

» Kids love to get mail, so encourage them to keep an eye out for their statement.

» Talk to your child about the family budget.

National Teach Children to Save Day, which began in 1997, is part of the American Bankers Association Education Foundation’s Teach Children to Save Program, committed to developing and providing education programs that lead to financial literacy. Each year, thousands of bankers across the country trade in their balance sheets for blackboards to help fill the need for financial education in schools. The program’s goal is to encourage bankers to reach 5 million students before the end of 2011. Montecito Bank & Trust is working hard to help achieve this worthy goal.

Twenty-one schools received a visit from Montecito Bank & Trust and in Santa Barbara County included Aliso, Cesar Chavez Charter School, Dos Pueblos High, Ellwood, Franklin, Hollister, Isla Vista, La Colina Junior High, La Cumbre Junior High, La Patera, Marymount, McKinley, Mountain View, Notre Dame, San Marcos High, Santa Barbara High and Santa Barbara Junior High. In Ventura County, the schools included Montalvo Elementary, Sunset Middle School and White Oak Elementary.

— Carolyn Tulloh is the director of marketing for Montecito Bank & Trust.

 

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