Pub. 8 2018-2019 Issue 5

2 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S Chairman’s Message April is Financial Literacy Month – but Banks Work Toward the Effort Year-Round BY BRENDAN ZAHL, 2018-2019 CBA CHAIRMAN, NBH BANK W hile 88 percent of adults over- whelmingly agree that per- sonal finance skills should be taught in schools, as of 2016 only 17 states required high school students to take a course in personal finance. Colorado is included in those states, in 2004 Colo- rado passed initial legislation to create a financial literacy resourcebank toprovide technical assistance in financial literacy to school districts. In addition, legislation passed in 2008 required the adoption of standards for financial literacy. Financial literacy enables people to manage savings, investment, and check- ing accounts. It also enables people to design and maintain a household budget, to manage personal debt, to understand consumer credit and finance, to manage personal credit options, and tounderstand and select among short-term and long- term investment options. Bankers, better than anyone, under- stand theseneeds andwork continually to promote financial literacy through many avenues, from the classroom to the teller window. We know that the best client is an educated client and that financially savvy clientswill actively use and gain the most frombanking services and products throughout their lives. Across the country, banks and others will participate in Financial Literacy Month, through a variety of programs aimed at promoting financial literacy and ahealthyfinancial lifestyle for their clients and communities. Bankers will visit local classrooms as part of the American Bankers Associa- tion Foundation’s Teach Children to Save program, duringwhichbankers teachstu- dents the fundamentalsoffinancialliteracy throughage-specificactivitiesand interac- tive scenarios. The lessons cover thebasics of saving, as well as how to create a budget anddistinguishneedsfromwants.Tolearn more about Teach Children to Save, or the ABA Foundation’s other financial literacy programs, visit aba.com/FinEd. And, Lights, Camera, Save! is a video contest that engages teens in educating themselves and their peers about the value of saving and using money wisely. It has reached 10.5 million young people with the help of more than 260,000 banker volunteers. Other initiatives are included in Mon- eySmart Week, a nationwide effort spear- headed by the Federal Reserve Bank of Chicago, where a weeklong concerted focus is placed on financial literacy for children and adults alike. This year’s event runs from March 30 to April 6. In 2018, more than 4,000 events took place during Mon- eySmart week across the country that were attended by nearly 142,000 people. To learn about what events are available in your area, visit https://www.moneysmartweek.org/. Banks also participate in “Get Smart About Credit Programs”, volunteer bank- ers who work with high school students, and young adults to raise awareness about the importance of personal finance skills. National Get Smart About Credit Day is marked in October – this year it will take place on Oct. 17. Visit https://www.aba. com/Engagement/pages/getsmartabout- credit.aspx to learn more. It is important to note that banks’ efforts are not relegated to two months a year but take place year-round. Banks in Colorado participate in the Bank on Denver and Bank on Boulder County programs that continually work toward ensuring that low-to-moderate income people have the opportunity, knowledge, and skills to access and successfully use financial products and services that can lead to asset building and long-term financial stability. Participating banks design and promote safe, affordable, convenient and innovative financial prod- ucts that meet the needs of individuals with low to moderate income. Those products are then paired with ongoing education and financial coaching to ensure and increase access and use of finan- cial products and services. Visit http://ban- kondenverco.com/ for more information. Your Colorado Bankers Association supports these initiatives on your bank’s behalf, but I encourage you to engage with these programs and to undertake efforts at your own bank, wherever possible as we are building a better state and our future clients through our ongoing efforts. 