Pub. 17 2020 Issue 3

Issue 3 • 2020 9 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 N E W M E X I C O R E A L I Z E D R E A M S It’s money in the bank. Y ou want your customers to grow and prosper. After all, their success adds to your bottom line. We can help them achieve their financial goals, because more money in their pockets means more money in your bank. CPAs Albuquerque: 505 843 6492 atkinsoncpa.com Henry South, CPA, CVA support both established and f ledgling savers as they pursue their savings goals. Nothing is more fundamen- tal to financial wellness than savings. Given the pandemic’s massive economic dislocation, this may seem an odd time to exhort others to save. Many are suffering from the loss of income and find it challenging to pay their expenses; how can they possibly set aside money for a rainy day when it’s already pouring? But there’s rea- son to view this as the ultimate teachable moment and an ideal time to convert lessons into action. In a July survey of hourly workers (by DailyPay and Funding Our Future), 51% said that coming out of the pandemic, they are more likely to save for the future, as opposed to 15% who said they were less likely to do so. Meanwhile, 65% said they don’t have any savings account, and 62% said they would save more if there were an easier way to set aside a portion of their paycheck. These data point to a clear demand for information and tools to facilitate savings, and banks are reliable sources for both. To help banks meet that demand — and prevent financial regrets in the first place by teaching financial fundamen - tals to today’s youth and young adults — the ABA Founda- tion has adapted its financial capability programming for today’s virtual world. Teach Children to Save lessons went virtual in April, and Get Smart About Credit, our fall pro- gram, has also been adjusted to include new resources and notes for delivering effective virtual presentations, as well as new modules around saving for the unexpected. We all know that strong personal finance skills are essential to success in life. A majority of respondents in the latest Charles Schwab Financial Literacy Survey said that money management was the most important skill for children to learn, outranking the dangers of drugs and alcohol, healthy eating and exercise habits and safe driv- ing practices. And 9 in 10 agreed that a lack of financial education contributes to some of the biggest social issues our country faces, including poverty, unemployment and wealth inequity. Which brings us to another lesson learned from the pandemic: Significant disparities in health, education and job opportunities persist. Those disparities have exposed some populations to greater risk — of catch- ing COVID-19 or losing a job — and they’ve left some Many are suffering from the loss of income and find it challenging to pay their expenses; how can they possibly set aside money for a rainy day when it’s already pouring? children more vulnerable than others to the harmful effects of school closures. Education, including financial education, can help reduce these disparities and give all Americans an equal opportunity to prosper. Few are more qualified to deliver lessons in personal finance than bankers, so I strongly encourage you to register as a volunteer for a financial education program today. The ABA Foundation makes it easy — and free. Visit aba.com/FinEd to learn more and sign up. This is one of the most important ways bankers can make a long-term difference in others’ lives. The more individuals we reach with this valuable informa- tion, the better off our communities will be. And there’s no doubt it is better to learn personal finance lessons in a class Zoom than in a crisis. n