The Federal Deposit Insurance Corporation (FDIC) has announced that it will host a symposium on developing youth savings on Friday, October 21, 2016. The symposium, “Learning to Save – Saving to Learn,” will unite representatives from almost 20 bank participants in the FDIC’s Youth Savings Pilot program, alongside non-profit and school partners. Participants will convene ideas for merging financial education with the opportunity to open a savings account.
“Offering school-age children an easy opportunity to open a savings account makes financial education efforts more effective,” FDIC Chairman Martin J. Gruenberg said. “Building on the FDIC’s longstanding commitment to youth financial capability, the FDIC’s Youth Savings Pilot has helped bank and school leaders, as well as the FDIC, learn more about how to start and grow youth savings programs. The symposium will help us continue to offer financial institutions and their school and community partners information to strengthen their collaboration.”
The FDIC stated in a release yesterday, “The FDIC’s Youth Savings Pilot is designed to highlight promising approaches to offering financial education tied to the opening of safe, low-cost savings accounts for school-age children. During the previous two school years, the 21 FDIC-insured financial institutions in the pilot partnered with schools or nonprofit organizations to help students open savings accounts in conjunction with financial education programs. Over the course of the pilot, participants connected with one another and with technical assistance resources to identify, develop, and share promising practices.”
The agency will publish findings and lessons from the pilot in a final report to be released in 2016. For additional background information, visit the FDIC’s Youth Savings Pilot page. The morning sessions will be webcast for public viewing:
Resources like the Youth Savings Pilot that emphasize financial education are invaluable to participants; the program’s focus on school-age children is pioneering and inspired. Helping the youth develop sound financial practices creates a stable foundation on which they can rely on and build as they grow and transition into the different stages of their lives. By educating children today, the FDIC is helping them become successful adults in the future.