Banking On Kids was created by Dr. Edward F. Anhalt in 1995. Dr. Anhalt felt that with the average 50 year old American having only $2,500 in their savings account, and with the nation spending $65 for every $1.00 saved, it was time to start teaching the merits of “saving for the future.” What better place to start than the elementary/middle school classroom, where students still have not come into contact with an ATM Machine or other means to withdraw money. This program is designed to help teach elementary and/or middle school students (and their parents) to become better money managers.
The program allows local banks to help sponsor neighborhood elementary and middle schools by opening student-run banks within the school, and allowing students to create savings accounts which become interest bearing after they reach $10.00 (This amount is set by the sponsoring bank). Students in the upper grades are appointed officers of the bank, and the student-run bank is open once a week for monetary transactions.
To teach kids at a very young age the value of saving.
To design a banking curriculum that would teach money issues i.e. the origin of money, compound and simple interest, banking systems, and the workings of the Federal Reserve.
To offer real-world experience by allowing students to operate a real bank using real money.
OF ALL STUDENTS IN THE SCHOOLS OPENED A SAVINGS ACCOUNT
OF THE STUDENTS REACH THE $10.00 REQUIREMENT IN ORDER TO BEGIN EARNING INTEREST WITHIN ONE SCHOOL
OF THE STUDENTS LEAVING THE ELEMENTARY SCHOOL CONTINUE TO CONDUCT BUSINESS WITH THE BANK WHEN THEY ENTER THEIR NEW MIDDLE OR HIGH SCHOOL