Pub. 2 2014 Issue 2

spring 2014 5 Financial Capability Month. (For a list of participating banks, and for free lesson plans and other resources, visit aba.com/ Engagement.) This program allows bankers to accom- plish several worthy goals at once. By visiting school classrooms, youth centers, after-school programs and more, you and your colleagues provide practical lessons and share knowledge to encourage and inspire young people to develop healthy lifelong financial management skills. You also are putting your skill set to use to help address a serious problem in our nation – the lack of financial know-how -- that could threaten the economic stability of America. The 2008 financial crisis taught us many lessons, one of which is the importance of an informed consumer – one who can distinguish a loan that is good and appropriate for him or her from one that is not. Finally, your participation also helps demonstrate two important truths about the industry: that local bankers are there to help customers in all of their families’ milestone events, and that banks have a stake in the economic growth, health, and vitality of their communities. These are two features of banking that consum- ers, through surveys and focus groups, have told ABA they value, so let’s remind them of those facts. You have probably heard me say that I view banking as a white-hat industry. Banks are critical to the success of com- munities across America. In fact, bank community engagement is critical to the success of our nation’s economy. Teach Children to Save is just one of several ways ABA tries to drive that point home. I hope you’ll take part and in the process help the next generation safely navigate the road to financial freedom. n © 2014 American Bankers Association. All rights reserved. Reprinted with permission. Teaching Sound Financial Habits By Frank Keating, President and CEO, American Bankers Association washington update E-mail Frank Keating at keating@aba.com B efore getting a driver’s license, teens in states across the country have to gain both relevant experience and demonstrate a basic proficiency in driving a car. That can mean classroom training and instruction, and keeping a log of hours driven with an adult in the car, as well as hours behind the wheel with a specialized instructor. The goal of course is to ensure that when they do hit the open road, young drivers are less likely to harm themselves and others. They have a basic understanding of the rules of the road, respect for their fellow drivers -- and pedestrians -- and are able to independently make good deci- sions. The end result – fewer accidents – benefits all. Our industry’s financial education programs work much the same way. By providing kids with practical lessons on personal finance, and encouraging starter savings accounts, banks give tomorrow’s adults the knowledge and experience they need to safely manage money. This is a critical building block to helping them meet their financial goals in life – from buying a house to retiring comfortably. And helping consumers meet their finan- cial goals is what banks do. If your bank hasn’t yet engaged in finan- cial education, I encourage you to explore ABA’s annual Teach Children to Save program. It is a popular and turnkey way to share lessons about the importance of saving and managing money – lessons that banks have delivered to six million youth since ABA created the program in 1997. This year’s Teach Children to Save Day is April 11. Bankers across the country have registered to make school pre- sentations on that day and throughout April, which is also being celebrated as