Third-graders learn the ABCs of managing money


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SALT LAKE CITY — Mention money, even to young kids, and their little faces light up and their excitement is unmistakable.

And getting kids enthusiastic about something is one of the best ways to keep their attention and help them absorb the knowledge they need to learn.

On Friday, third-graders at Guadalupe School in Rose Park got a lesson from two of Utah’s top banking executives on the basics of money management.

As part of National Teach Children to Save Day, Zions Bank President and CEO Scott Anderson, along with Rob Brough, executive vice president of marketing and communications, offered kids some tips on the best ways to manage their finances.

“We know teaching children how to save is 'ground zero' for continuing an upward trend,” Anderson said.

Because the annual financial literacy outreach event fell on Arbor Day, Anderson and Brough led students in a discussion about a “savings tree” before planting an oak tree on the grounds of the new school building.

Brough said getting kids engaged about financial literacy early on could be key to creating positive habits for years to come.

“Getting those basic principles in their minds today can get them thinking along those lines, and it can prove to pay big dividends in the future,” he said.


Getting those basic principles in their minds today can get them thinking along those lines, and it can prove to pay big dividends in the future.

–Rob Brough


Student Eder Aragon said he appreciated learning about spending, saving and sharing or donating money, while classmate Jonatan De Jesus German said the big lesson he learned was how to distinguish between “needs and wants,” along with how to “share.”

“I would like to save some money to give to poor people and homeless people so it helps them,” he said.

Brough said getting young children engaged in learning the fundamentals of good money management is critical.

A review of banking records shows Utah residents are putting away more money, a news release stated. Zions Bank had a 5 percent balance increase among its savings account products in the state between the post-recession period of January 2010 and January 2015.

Those findings tracked increases in the U.S. personal savings rate, or the percentage of disposable personal income saved. The personal savings rate was just over 2 percent before the 2007-09 recession peak, but climbed to 5.5 percent in January, according to the U.S. Department of Commerce.

Brough noted that the students became “energized” during the time in class that they were asked to participate in a game in which they learned when to choose to put money away in savings or when to decide to spend their money on something they needed.

“If we can start them thinking about the concept of saving as opposed to the often natural reaction of spending, it’s an important lesson to teach at an early age,” he explained. “If we don’t teach our kids at an early age about how to effectively manage money, it creates some significant problems in the future.”

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Jasen Lee

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