Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ:UMPQ), joins banks across the nation for National Teach Children to Save Day (NTCTSD) on Tuesday, April 27. Founded by the American Bankers’ Association, the campaign has reached 3.4 million young people during the past 13 years.
Umpqua Bank has participated in NTCTSD for 10 years. This year, Umpqua associates in Northern California, Oregon and Western Washington will observe the annual event by hosting more than 85 events and reaching more than 6,300 children through interactive in-school presentations and contests that encourage regular saving habits and illustrate the differences between needs and wants. Umpqua’s efforts are an extension of the bank’s year-round Learn to Earn program which provides weekly on-campus banking at 125 schools, serving more than 10,000 student accounts.
“This past year has been a challenging one for many families. Children are learning tough financial lessons through the course of life events. It’s more important than ever that parents and communities take an active role in teaching children how to save,” said Colleen Toste, assistant vice president/director of the Learn to Earn program for Umpqua Bank. “Umpqua Bank is proud to be a part of this educational effort and serve as a year-round resource for adults and children to learn money-management skills.”
Umpqua Bank’s Learn to Earn program provides weekly on-campus banking to grades kindergarten through eighth. Using interactive activities, rewards-based learning, and the convenience of banking at school, Learn to Earn motivates children to value the concept of saving and to develop life-long money management skills while having fun.
Umpqua bank offers the following five tips to teach children to save:
1. Teach – Teach children why you save and why they should do it too. Use short term examples like grocery shopping and long-term ones like a family vacation.
2. Decide – Explain the differences between needing something basic to live versus wanting something for fun. Use examples like food for dinner vs. a video game.
3. Earn – Consider giving an allowance to teach how money is earned. Set specific chores and a date for allowance to be given, and stick to the plan. Give coins or one dollar bills so they can easily be divided for saving, spending, and sharing.
4. Achieve – Help your child set a goal for saving or something to purchase. This will teach responsibility and reinforce the feeling of accomplishment when the goal is reached.
5. Save – Open a savings account with your child. Teach them to monitor it through online or paper statements, and accompany them to the bank location for withdrawals and to learn how banks work.
About Learn to Earn
Learn to Earn (LTE) was developed in 1996 in Arcata, Calif., to teach children the value of saving money and to encourage lifelong money management skills in grades kindergarten through eighth. The program offers a child savings account designed just for students that can be opened for as little as $1.00 and earns interest immediately. LTE uses immediate rewards, games, ongoing events and in-class curriculum to make financial literacy fun and easy to understand. The program currently provides children with the convenience of on-campus banking in 125 schools and serves more than 10,000 student accounts. In March 2009, the program expanded into Oregon and reached $2 million in active student savings balances. The program was recently acknowledged by California Governor Arnold Schwarzenegger and the Department of Financial Institutions for its 14-year commitment to children’s financial literacy. LTE is also recognized as the largest school bank program in the state of California.
About Umpqua Bank
Umpqua Bank, headquartered in Roseburg, Ore., is a subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ) and has 176 locations between San Francisco and Seattle; along the Oregon and Northern California Coast; and in both Central California and Central Oregon. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company has been recognized for the past four years in a row on FORTUNE magazine’s list of the country’s “100 Best Companies To Work For.” Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments Inc., which offers services through Umpqua Bank stores and in dedicated offices throughout Oregon. Umpqua's Private Bank Division serves high net worth individuals and non-profits providing customized financial solutions and offerings. Umpqua Holdings Corporation is headquartered in Portland, Ore. For more information, visit http://www.umpquabank.com.
Eve Callahan, 503-546-7867