Michigan bank teaches youth importance of savingBy Mayra Monroy on April 20th, 2016 /
West Michigan based banking company Independent Bank is teaching kids the important lesson behind the old “when life hands you lemons” saying. What do you do when life hands you lemons?
Are they real lemons or is it just a saying? Well Independent Bank is giving them both…sort of. The bank is launching a program, beginning today April 17the, called Pour into Sweet Savings, which advocates for the education of financial literacy for the next generation.
According to a study performed by the National Foundation for Credit Counseling, in 2015, 70% of consumers in the United States were concerned about their personal finances, and 60% of consumers spend money without a budget. With a lack of financial literacy understanding, consumer debt is on the rise. Independent Bank wants to change that alarming trend by starting young.
The program-campaign will give every child that has a savings account with Independent, or will open one during April 17 – July 1, a free lemonade stand kit. The kit will consist of materials needed for a lemonade stand including cups, lemonade mix, and a deposit log in order for the children to log their profits and costs.
In an interview with Grand Rapids Business Journal, Vice President of Marketing Tricia Raquepaw stated that the bank has held a financial literacy program for children, with many options offered on their website.
“We wanted to…up our game this year with our financial literacy program,” Raquepaw told GRBJ. “If you teach them to start saving money and the importance of saving money at a young age, they understand how a financial institution works, how credit works, and how debit versus credit cards work.”
The bank is teaching financial literacy by giving children an entrepreneurial task for the summer, with reward for the child that saves the most money through all of the Independent Bank branches…a full size lemonade stand.
For a bank that focuses on the community, Independent’s financial literacy campaign is preparing consumers, young to older, the importance of financial stability.