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Biddeford Savings helps Maine’s youth form healthy saving habits

Apr 24, 2012

Biddeford, Maine – In an effort to help local youth develop healthy saving habits, Biddeford Savings is teaming up with the American Bankers Association Education Foundation’s “Race to Save” campaign.

Biddeford, Maine – In an effort to help local youth develop healthy saving habits, Biddeford Savings is teaming up with the American Bankers Association Education Foundation’s “Race to Save” campaign. The campaign challenges America’s banks to open 100,000 new children’s savings accounts in 2012.

“The side benefits of saving go beyond having money in the bank.  Research shows that children savers are more likely to go to college, have a better outlook on life and are more financially literate,” said Betsy Boudreau, Vice President, Marketing at Biddeford Savings.  “It’s never too early to begin saving, which is why we are offering a special savings incentive to help children learn to save as part of this initiative.”

To encourage children to open a savings account, Biddeford Savings has implemented an incentive for children. During week of April 23rd, Biddeford Savings is giving away piggy banks. For each child that returns their piggy bank filled with their savings and opens a new savings account or deposits it into their existing account, during 2012, Biddeford Savings will match the money in their piggy bank up to $10.00.

Once these accounts are in place, Biddeford Savings encourages parents to follow these tips to build a financially-fit future for their child:

  • Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions, and be prepared to answer them – even the tough ones.
  • Teach the difference. Explain the difference between needs and wants, the importance of saving and budgeting and the consequences of not doing so.
  • Encourage responsibility. Set up a chore chart and give your children an allowance for completing their tasks.  Require them to save a small portion each week for deposit in their savings account.
  • Be an example of a responsible money manager. You can be a role model for your children by paying bills on time and taking them with you to make deposits, so they can learn how to be hands-on in their money management. Children tend to emulate their parents' personal finance habits.

The “Race to Save” campaign is part of the Teach Children To Save program that engages banker volunteers to help young people develop a lifelong savings habit. Since the program started in 1997, more than 100,000 bankers have taught savings skills to more than 5 million children.

Biddeford Savings is an independent, mutual savings bank committed to the communities it serves. It has five branch locations: 65 Portland Road in Kennebunk, Route 202 in Waterboro, 360 US Route One in Scarborough, 417 Alfred Street in Biddeford, and its main office at 254 Main Street in Biddeford. It also has a Business Banking Center at 234 Main Street, Biddeford. To learn more, visit biddefordsavings.com.