History
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.
Our Mission
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.
Program Results
95%
OF ALL STUDENTS IN THE SCHOOLS OPENED A SAVINGS ACCOUNT
90%
OF THE STUDENTS REACH THE $10.00 REQUIREMENT IN ORDER TO BEGIN EARNING INTEREST WITHIN ONE SCHOOL
98%
OF THE STUDENTS LEAVING THE ELEMENTARY SCHOOL CONTINUE TO CONDUCT BUSINESS WITH THE BANK WHEN THEY ENTER THEIR NEW MIDDLE OR HIGH SCHOOL