CLEVELAND, April 14, 2014 (GLOBE NEWSWIRE) -- In recognition of last Friday's kick-off to the national "Teach Children to Save" campaign, Third Federal Savings and Loan (Nasdaq:TFSL) and the Urban League of Greater Cleveland partnered to teach savings strategies to students of NewTech High School in the Cleveland Metropolitan School District. Approximately 25 eleventh-grade students explored the lesson plan "Excuses, Excuses," which addressed strategies for saving now.
Established by the American Bankers Association in 1997, Teach Children to Save has reached more than six million young people through the commitment of 134,200 banker volunteers.
"Being financially literate is one of the most important skills a young person can develop," said Maria Thompson, manager of Community Development Services for Third Federal. "Through this program we can motivate students and instill positive habits at a young age, creating a community of lifelong savers."
Third Federal 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.
- 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.
- 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 American Bankers Association provides financial education programs and resources that help bankers make their communities better. The association's signature programs, Teach Children to Save and Get Smart About Credit, bring bankers and students together to increase financial literacy.
Third Federal Savings and Loan is a leading provider of savings and mortgage products, and operates under the values of love, trust, respect, a commitment to excellence and fun. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, our mission is to help people achieve the dream of home ownership and financial security. We became a public company in 2007 and celebrated our 75th anniversary in 2013. Third Federal, which lends in 17 states, is dedicated to serving consumers with competitive rates and outstanding service. Third Federal has 21 full service branches in Northeast Ohio, eight lending offices in Central and Southern Ohio, and 17 full service branches throughout Florida. As of December 31, 2013, the assets of Third Federal Saving and Loan Association totaled $11.4 billion. For more information about Third Federal, visit us at thirdfederal.com.