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Guaranty Federal Bancshares Inc.

04/17/2019 | News release | Archived content

Guaranty Bank Helps 'Teach Children to Save' April 12

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Guaranty Bank's Risk Management Department visited Williams Elementary School on April 12 to help Teach Children to Save. The 5th graders at Williams were asked questions about what they spend their money on and their knowledge of banks. Questions included what is interest, what is a profit, what is the purpose of a bank and where do banks get their money?

The students participated in a Needs vs. Wants game where certain items (water, Netflix, shoes, video games, etc.) were listed off and each child answered whether it was a want or a need. Then the students were asked to draw some of the items they wanted to save for and to share with the class. Answers ranged from chicken nuggets to a puppy to art school.

The last activity was a spending game where each student was given five nickels. They were presented with the option to purchase various items - pencils, erasers and little soccer games although they would not have enough money to purchase everything - or they could save their money. After they finished shopping, each student was rewarded with a penny for each nickel they had saved as a real-life example of how interest accumulates.

Teach Children to Save is a national campaign from the American Bankers Association and state-wide campaign from the Missouri Bankers Association that raises awareness about the important role that banks and bankers play in helping young people develop lifelong savings habits.