
Learning about money management is a crucial life skill that every student should have. According to the article, 77% of teenagers in the US don't know how to create a budget.
Teaching financial literacy in schools is a great way to equip students with the knowledge and skills they need to manage their finances effectively. By introducing banking concepts early on, students can develop good financial habits that will benefit them throughout their lives.
The banking for schools program provides a unique opportunity for students to learn about banking and financial services in a hands-on and interactive way.
Setting Up a School Bank Account
You can open a Bank at School Savings account with just a $1.00 initial deposit and a completed permission form.
The permission form must have your child's entire social security number or TIN number to open the account.
Parents won't be able to withdraw funds from the account, but students can make deposits at school with the help of edUFCU member service representatives who visit the school on a regular basis.
Students can also visit the main branch to make additional deposits and withdrawals.
There are no restrictions on how often a child can make a deposit after the initial deposit, and any amount is acceptable.
Benefits of School Banking
Learning about money management is a valuable skill for kids to develop, and Banzai! makes it fun and interactive by turning financial knowledge into a game-like experience in a virtual online-world.
Kids learn more when they're having fun, and Banzai! delivers by incorporating real-life scenarios and activities that make learning feel like an adventure.
Banzai! is just one way Country Bank is helping kids develop healthy financial habits from a young age, and it's been a huge success since its launch in the Fall of 2023.
Country Bank team members are also making a difference in classrooms across the country by offering age-appropriate teaching sessions to partner schools upon request.
These in-classroom sessions allow students to absorb important lessons about financial literacy and become more financially fit at an early age.
By partnering with 40+ schools, Country Bank is making a significant impact on the next generation of money managers.
Teaching Financial Literacy
The Delaware Bank at School program provides real banking experience for elementary and middle school students. This hands-on approach helps them learn to manage their money effectively.
Students learn to save and spend wisely through the program, which offers teachers lessons that correlate with the Delaware State Standards in Economics. These lessons highlight the advantages of saving, making it a valuable learning experience for the students.
Some schools even give students the opportunity to serve as bank tellers in the Bank at School Credit Union branch, further reinforcing their understanding of financial management.
For Students
As a student, you're likely no stranger to managing your finances, but it's always a good idea to brush up on your skills. The Bank-At-School program is a great resource for learning about financial literacy and wellness.
The program provides valuable tools to help you succeed in the real world, and it's a great way to earn some extra cash. You can earn up to $325 when you open a free Get Real Checking account!
Here's how it works:
By following these simple steps, you can earn some extra money and develop good financial habits that will serve you well throughout your life.
Notes
The term "banks" in this study refers to financial services institutions, including credit unions, savings and loans, and other types of firms.
In the state of Texas, financial institutions can engage in limited contracts with minors for savings accounts without parental involvement, but about 78 percent of the accounts observed were jointly owned, custodial accounts with parents.
The OECD's Programme for International Student Assessment shows that about 53 percent of 15-year-olds had accounts in 2018, highlighting a significant gap in financial inclusion among young people.
The National Longitudinal Survey (NLSY97) and the Transition into Adulthood Study of the Panel Study of Income Dynamics (PSID) show that about 30 percent of 13-year-olds had accounts in 2011, indicating a need for increased access to banking services for young people.
Some schools in the study continued the in-school banking program after the study period, with a few deciding to continue the program in the following school year.
The study had a response rate of 31 percent among students with parental consent, with both treatment and control schools having similar non-response rates.
The study concluded before the annual Texas standardized testing period began, which may have affected the number of students who participated in the study.
The following table shows the comparison of banking rates among 15-year-olds and 13-year-olds in different studies:
Out of 2,500 fourth-grader students, 756 students had parent or guardian consent for the study, and 675 fully completed the survey question items and are in this analysis.
Greenlight
Teaching Financial Literacy is a crucial life skill that can benefit your child in the long run. Our bank partners with Greenlight, an educational banking app and debit card for young people.
This modern and digital approach to money management allows your child to have a debit card of their own, while you set flexible controls and get real-time notifications of their money activity.
Introducing children to finances at an early age is a great way to teach them how to manage their money, and Greenlight is a fantastic tool for this.
You can connect your Country Bank checking account directly to Greenlight, making it easy to manage your child's finances in one place.
This app is a great way to give your child a sense of responsibility and independence when it comes to managing their money.
Frequently Asked Questions
What is school banking system?
School banking is a program that helps students develop a savings habit by depositing small amounts of money into a bank account each week. It's a great way to teach kids the importance of saving for their future.
Why is SchoolsFirst a good bank?
SchoolsFirst is a member-owned bank that prioritizes its members' needs over profits, offering lower rates on loans, higher rates on savings, and many complimentary services. By working for its members, not shareholders, SchoolsFirst provides a unique banking experience that benefits its members directly.
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