Schools and banks join forces to teach children about money

Jet, April 11, 1994

In a growing number of schools nationwide, young people - particulary children are learning the value of a dollar.

Through simulated and actual banking-school programs, Black children are learning to open savings accounts, participate in investment clubs, and complete deposit and withdrawal slips, says a finance article featured in the April issue of Ebony Magazine.

Some of the schools that offer children experiences in money management include Dixon Elementary in Chicago, E.R. Carter Elementary in Atlanta and the Hubert Humphrey School on Staten Island in New York.

"Our children don't care about buying $150 sneakers because they don't know the value of $150," said Cassandra Mills, president of the Black Music division of Giant Records. "If they did, they might not want to spend the whole sum on shoes."

Mills added, "We don't educate our children early enough about money matters; but if we want economic empowerment, we need to first control the dollars."

Experts say parents should encourage their children as early as five years old to save.

This can be accomplished, they say, by taking youngsters to the bank to open their own savings accounts, giving money instead of toys for Christmas and birthdays, and by regularly speaking to children about money matters.