WAYZATA, Minn.--(BUSINESS WIRE)--For the fifth consecutive year, TCF Bank is partnering with schools in Washtenaw, Livingston, Oakland, Macomb, and Wayne Counties to celebrate Teach Children to Save Day with savings education the week of April 23, 2013. At TCF Bank, we have taught nearly 10,000 students to save since 2009. Youths from local schools and organizations will explore the difference between wants and needs, learn to identify expenses when moving out on their own, and how to cut spending. To see a full list of participating banks visit the American Bankers Association website at: http://www.aba.com/ABAEF/Pages/teachchildrentosave.aspx.
“This program gives us the opportunity to use our life experiences and banking knowledge to motivate students to become lifelong savers.”
Established by the American Bankers Association Education Foundation in 1997, Teach Children to Save has reached more than 5 million young people through the commitment of more than 120,000 bank volunteers.
“I am very pleased to have our branch teams involved in this beneficial program for a fifth year,” said Bob Borgstrom, Executive Vice President of Retail Banking. “This program gives us the opportunity to use our life experiences and banking knowledge to motivate students to become lifelong savers.”
TCF Bank offers the following tips for money-savvy parents raising money-smart kids:
- Set the example of a responsible money manager by paying bills on time, being a conscientious spender, and an active saver. Children tend to emulate their parents' personal finance habits.
- Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions and be prepared to answer them – even the tough ones.
- Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
- Open a savings account for your children and take them with you to make deposits so they can learn how to be hands-on in their money management.
- Let friends and family know about your child’s savings goal. They’ll be more likely to give cash for special occasions, which means more trips to the bank.
- Engage your community. Many schools, banks, and community organizations share your commitment to creating a money-savvy generation. Engage a coalition of support to provide youth with the education they need to succeed.
The ABA Education Foundation, a nonprofit subsidiary of the American Bankers Association, provides financial education programs and resources that help bankers make their communities better. The foundation’s signature programs, Teach Children to Save and Get Smart About Credit, bring bankers and students together to increase financial literacy.
About TCF Bank
TCF Bank is a wholly-owned subsidiary of TCF Financial Corporation (NYSE: TCB), a Wayzata, Minnesota-based national bank holding company with $18.2 billion in total assets at December 31, 2012. The company has nearly 430 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing and equipment finance business in all 50 states, commercial inventory finance business in the U.S. and Canada, and indirect auto finance business in over 40 states. For more information about TCF, please visit tcfbank.com.