BY GINNY PRIVITAR
WEST MILFORD — Lakeland Bank participates in “Teach The Children To Save Day,” a national program of the American Bankers Association that takes place in April.
Every year the program aims to introduce local fourth graders to money-smart habits, including teaching the difference between needs and wants.
According to Rehab Elmoslemany, vice president and area manager for Lakeland’s branches in West Milford, Hewitt, Wanaque and Ringwood, a bank employee comes to the school and local school children are given a simple financial lesson to help promote good lifelong financial habits.
Elmoslemany said they provide examples and make each lesson an interactive, fun experience. The short lesson lasts between 30 and 60 minutes for each fourth grade class. For example, they might do an exercise where the children imagine getting $100 for doing chores. The instructors teach them how to manage money.
“We teach them how to keep an account ledger so they don’t get overdrawn,” Elmoslemany said.
The students are encouraged to ask questions and get proper guidance.
“They don’t know the difference between credit cards and debit cards," she said, adding when their parents pay for something with plastic, they think they don’t have to pay money for it. The program explains how the cards work.
They show the children how to complete a deposit, handle an account, and the difference between checking and savings. They also teach, at the childrens’ level, about ATM machines and debit cards. Each class is a little different.
“During the presentation the students learn how to keep and balance a check book," Westbrook Elementary School fourth grade teacher Theresa McCabe said. "The students practice writing out checks and, most importantly, they learn not to spend more than you have in your check book. The program is fun and informative for the children.”
When the class is over, each student is given a small gift. Every year it’s different; last year it was a calculator.
The children are too young to have a checking account, but can open a “young savers” account. Lakeland Bank will match the first $10 they deposit. Not a bad start.
Lakeland has participated in the program for about 10 years, and last year helped educate 1,200 students in areas where they have branches.
They're never too young to learn good financial practices, Elmoslemany said, at their level.
“We keep it simple, fun and informative for children to understand how banking works.”