Second-grader Anthony Smith clung to his piggy bank, all smiles Thursday.
The 7-year-old from Wheeless Road Elementary School had just opened his first savings account through a program with Georgia Bank & Trust.
"I save up money at home," Anthony said. "I want to save a hundred dollars so I can buy a house for my grandmother."
Georgia Bank & Trust Group Vice President Jay Forrester said it's eye-opening hearing the stories children tell as they make deposits into the bank's SMART savings program. Student Money Achieving Rewards for Tomorrow is a program that allows children to open up their own bank account, learn financial literacy and conduct financial transactions in much the same way that adults do, but at school.
Each week, bank representatives set up inside a classroom at Wheeless Road, and pupils line up, piggy banks in hand, to fill out deposit slips and turn in their savings. The children haven't asked about the stability of the country's banking systems or the fluctuations in the stock market, he said. But they are learning the basics of finance, which they need for a successful future.
Each pupil receives a quarterly report showing their deposits and the interest earned. The children are also given a binder to keep track of their financial records.
Each pupil who signs up for an account gets a piggy bank and a dollar donated by the bank that goes into the account as well. Principal Joe Moore said the lessons are valuable, and they are lessons adults can learn from as well.
The program is open to children at Wheeless Road Elementary, Copeland Elementary and Willis Foreman Elementary schools, as well as to all elementary-aged children in the community. In all, there are more than 2,200 accounts with more than $100,000 in them.
Reach Greg Gelpi at (706) 828-3851 or greg.gelpi@augustachronicle.com.
Comments
CONGRATULATIONS to Georgia Bank & Trust and the RCSS for cooperating in the implementation of such a smart program for students enrolled in the latter! Hopefully, kids enrolled in this program will learn the frugality many of their parents never have learned.
This is the kind of programs we need in school something that kids can see the results of their study. Give the teachers and principle of this school merit pay increases immediately!!!
Excellent program. Now add a Dave Ramsey course and a lesson on winter/summer market timing when they get older and they will do well. At the same time the churches need to teach the greatest financial advice which is to become a cheerful giver. At about 14 a preacher told me to save 10% and give the Lord 10%. That allowed me to spend the next 50 years without worrying about how to pay a bill.
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