A lot of people think that children spend money as soon as
they get it. This may be true for some young people but not
for nine-year-old twins Gabriel and Dylan Greene.
For the past three years Gabriel and Dylan have been part
of Save for America, a school-based banking program. The
Washington-based organization teaches elementary school kids
how to put money into savings account and gain interest.
So far, Gabriel and Dylan like the program a lot. Gabriel
has $350 in his bank account; Dylan has $340. Every two weeks,
each of the boys deposits around $5, or more if he has extra
money, into his account on banking day at Setauket Elementary
School in Long Island. The Greenes mom is actually the
banking coordinator at their school. About 200 of Gabriels
and Dylans classmates have savings accounts.
Last year, $1 million dollars was saved by almost 90,000
kids in 750 schools. Since the program started 12 years ago,
$50 million has been saved.
Gabriel and Dylan said that the program was really easy.
Its not too hard for me to do, said Gabriel modestly.
Learning about banking will be very helpful to kids in the
future. Its important because I need to know to save money
so when I grow up I can use it the right way, Dylan said.
In addition to teaching them the value of money, the
program also teaches them to sharpen their math skills. It
might lead to quicker addition and multiplication. I know how
to type my [account] number in. I know where to add my numbers
in my savings registers. And I know how to add my account,
Overall, Save for America sounds pretty good because it
helps children save money. Having a savings account teaches
discipline because kids learn to deposit money on a regular
basis instead of spending it the second they get it.
However, Dylan did agree that having a savings account
might make him think that money was a little too important.
But he didnt know why he thought this.
Besides depositing money, the Greene children also make
withdrawals. Gabriel bought a scooter with the money he saved
but also hopes to save enough for college.
Dylan has greater goals for his money. You should save up
all the money that you need and you should give some of the
money for the kids in America that need more money.