First Community Bank launches Piggy Bank initiative at Fox Meadow and University Heights.
In an effort to teach children the importance of saving, First Community Bank has partnered with Andson Inc., a non-profit educational organization, and Nettleton Public Schools for the academic year.
Bank employees will work closely with fourth grade teachers at Fox Meadow and University Heights intermediate schools to facilitate in-class financial literacy lessons once a week for the school year. The objective of the Piggy Bank program is to enable children to make financial choices and guide them in managing their money effectively. The lessons center on differentiating needs and wants, setting attainable long and short-term goals, and how to make a functional budget.
First Community Bank is the first institution in the state of Arkansas to sponsor the Piggy Bank program. They are committed to improving the financial literacy of the children within the Jonesboro area. The curriculum they are implementing is generated by Andson Inc. and is based on common core standards in English, Language Arts, Math, and Social Studies/Economics.
According to Andson, having a college savings account containing even $1 will increase the likelihood a child will attend college from 45% to 71%. The
curriculum also includes interactive lessons and in class discussions to keep the subject fresh and engaging to students.
Bank employees volunteer their time and services to go to the schools, and the students are then introduced to the banking experience. Employees take in the students’ deposits, teach them how to fill out their deposit slips, and show them how to keep track of how much money they are saving in their deposit booklet. There is also an interactive app where students and their parents can monitor their progress towards their goals electronically.
According to Gabe Roberts, assistant vice president/lending and Piggy Bank volunteer, “It isn’t about the dollar amount, but about getting children in the right mindset. The sooner they begin envisioning their future, be it college or purchasing a first home or first vehicle, the sooner they will realize the importance of setting budgets and a game plan to help them achieve their goals.”
As stated by Brian Emison, vice president of retail banking, “We wanted to do something different that would forever impact a child’s life. Anyone can write a check and move on to the next sponsorship. It’s when we interact with a 4th grader every week and hear how they’re saving money for college or to help their parents with bills, that we know this partnership is affecting lives and making our community better.”
“As bankers in the Jonesboro area, it is both our obligation and our privilege to teach useful saving techniques to future generations so that they may grow and thrive in the years to come,” said Allen Williams, Jonesboro’s community president.... More >><< Less
