As U.S. Personal Saving Rate Hits Four-year Low, Univest Bank and Trust Co. Offers its Top 10 Tips on How to Teach Kids to Save
Univest also introduces new
Eaglet mascots, Buck and Penny, who will promote financial literacy
SOUDERTON, Pa. - July 27, 2012 - With
Americans' personal saving rate - individual and family
savings as a percentage of disposable income - at a four-year low,
Univest Bank and Trust
Co. offers 10 tips to help parents teach their children
the importance of saving money. The bank also has introduced two
new mascots -
Buck and Penny, young American Eaglet twins - to help promote
wise money management to children.
"The rate of personal saving in the United States has been low
for years - and it has declined even further as the slow economic
recovery continues to put pressure on family budgets," said Annette
D. Szygiel, executive vice president and chief experience officer
at Univest Corporation. "The U.S. Department of Commerce recently
reported that Americans' personal saving rate was under four
percent in May. That's the first time since early 2008 that the
saving rate has been under four percent for four straight months.
Now more than ever, parents must do everything possible to
encourage their children to develop strong money-saving
Experts acknowledge that the sooner children are taught about
money and financial management, the more likely they'll become
conscientious savers. To help parents get their children on the
road to financial responsibility, Univest has introduced its new
mascots, Buck and Penny, who will make appearances throughout the
bank's communities to promote financial literacy.
Here are Univest Bank and Trust Co.'s top 10 tips for teaching
children to save:
- Set a good example. Most of what children
learn about money during their early childhood comes from observing
their parents. One of the best things you can do is let your
children see that you save money, too. Put money in
a jar and tell him or her it is your savings jar. When you go
to the bank to make a deposit, take your children with you. When
you model responsible money management behavior, your kids will
notice and mimic you.
- Teach your children about saving at an early
age. Talk about the importance of saving money early in
your children's lives. Most children start to learn about
counting and money when they are in the first or second grade. By
the time they are teenagers, children have developed the money
habits they will keep throughout their lives.
- Give your children an allowance. An allowance
teaches kids how to earn, save, invest, spend, budget, delay
gratification and make wise purchasing decisions. An allowance also
can be used to teach them that money is something they earn - not
something they're entitled to.
- Open a savings account. Opening an account
helps teach children important lessons about saving and investing.
Kids think ATMs are magic. They don't understand that you have to
deposit more than you withdraw.
- Take your children shopping. A grocery store
is a great place to show kids how to compare prices - the price per
ounce, for example. Show them that just because something is on
sale doesn't mean it's the best value.
- Help your children learn the difference between needs
and wants. This will prepare them for making good spending
decisions in the future. And encourage children to identify fun
things to spend their money on - things they can eventually buy if
they manage their money wisely.
- Encourage your children to set money saving
goals. People of any age rarely reach goals they haven't
set. Teaching your child to set goals and work for results helps
teach them how to make decisions, be disciplined and become
responsible for themselves. It helps them create self-esteem,
- Teach your children the value of work and a strong work
ethic. Encourage your children to work for money - whether
it is extra chores around the house, selling lemonade in the
neighborhood, babysitting, mowing lawns, shoveling snow - or, for
older children, working a weekend or summer job.
- Allow your children to make spending
decisions. Whether the decisions are good or bad, they
will learn from their spending choices.
- Offer rewards for saving money. Consider
rewarding your child for saving his or her money. For example, if
your child doesn't spend any money for a certain amount of time,
provide a small reward or treat. Or try matching a portion of your
child's savings, which is a great way to encourage your child to
save extra money.
In January 2011, Univest launched its Eaglet savings account, a
children's savings program. The account, designed to grow with
young savers, focuses on teaching children the value of saving
their "bucks" and spending their "pennies" wisely. The savings club
has no minimum balance and offers young savers benefits including a
$10 deposit by Univest and complimentary gift when the account is
opened, guaranteed interest and birthday rewards until age 18.
Schools, libraries or other organizations that would like to
invite Univest's Eaglet mascots Buck and Penny to participate in a
special event or community activity can contact Univest's corporate
communications team at 215-721-2450.
This press release of Univest Corporation and the reports
Univest Corporation files with the Securities and Exchange
Commission often contain "forward-looking statements" relating to
present or future trends or factors affecting the banking industry
and, specifically, the financial operations, markets and products
of Univest Corporation. These forward-looking statements involve
certain risks and uncertainties. There are a number of important
factors that could cause Univest Corporation's future results to
differ materially from historical performance or projected
performance. These factors include, but are not limited to: (1) a
significant increase in competitive pressures among financial
institutions; (2) changes in the interest rate environment that may
reduce net interest margins; (3) changes in prepayment speeds, loan
sale volumes, charge-offs and loan loss provisions; (4) general
economic conditions; (5) legislative or regulatory changes that may
adversely affect the businesses in which Univest Corporation is
engaged; (6) technological issues which may adversely affect
Univest Corporation's financial operations or customers; (7)
changes in the securities markets or (8) risk factors mentioned in
the reports and registration statements Univest Corporation files
with the Securities and Exchange Commission. Univest Corporation
undertakes no obligation to revise these forward-looking statements
or to reflect events or circumstances after the date of this press