Local financial youth literacy organization gets recognition

THE WOODLANDS, Texas – Financial hardships frequently start early in a person’s life; a fundamental lack of understanding of budgeting and financial savvy in one’s youth are primary factors to low credit scores, minimal savings and turned-down loans in that person’s adulthood. However, a organization called Banking On Kids has a mission to educate children about finances at a young age, before bad habits are formed, and the newly established Texas branch of the organization recently attended the 2015 Houston Money Week Partners Kickoff Luncheon.

“This is a unique opportunity to be a part of an event that lauds financial literacy in our youth,” said Banking On Kids Texas’ National Account Director Lou Garino. “Banking On Kids’ mission to establish special branches inside of area schools received recognition today by leaders in the industry, and we anticipate our program going to the next step of implementation in the very near future.”

The event was organized by the Federal Reserve Bank of Dallas – Houston Branch at its landmark location on Allen Parkway. Speakers included Vice President of the Federal Reserve Bank – Houston Branch Donald Bowers, Congressman Al Green; Chief Deputy City Controller Chris Brown and Houston Money Week Leadership Committee Chair Jackie Hoyer. Rev. Leslie Smith, Founder and CEO of Change Happens, was keynote speaker. Awards to middle and high school students who won the 2015 HMW Student Essay Contest were presented by Laurie Vignaud, Senior Vice President of Capital One Bank.

“Financial literacy for the youth of America has never been more important,” said Garino. “The Banking On Kids' effectively proven system teaches fiscal responsibility in real student-run banks in grades K-8.”

In 1996, the first Banking On Kids student-run bank opened, and proved to showcase just how simple it is to teach banking concepts to children. The program has inspired the 2015 Campaign for Financial Literacy across the nation, a multimedia campaign that recognizes the efforts and achievements of individuals, businesses and organizations taking action to educate and empower the nation's youth with financial knowledge.

Garino encourages all area banks to participate in the program. Sponsoring banks average 500 new savings accounts per school, with cradle-to-grave loyalty from new account-holders. As part of a national awareness media campaign for financial literacy, each sponsoring bank will benefit from local and national press releases, radio interviews, social media campaigns, and print and other media coverage of each school's student-run bank opening. Community Reinvestment Act benefits to each bank are numerous, as Banking On Kids has been proven effective in meeting the needs of community development, a process which is documented and highlighted through photo opportunities and letters of appreciation within the communities served.

For more information please visit BankingOnKids.US.