In these tough times, everyone is pinching pennies. Some are learning how to do it at an early age.
A group of first grade students at Rancho Mirage Elementary School learned that saving their money adds up to big rewards.
“I’m going to buy a kite!” claims one student.
“Spend it for a motorcycle!” yells another student.
“I’ll probably save it for college,” says a third student.
Priscilla Matthews is teaching these students how to save. Matthews works at the Rabobank-Palm Springs branch.
She has been teaching kids the “Three S’s” of having personal wealth for the past ten years: share some, spend some, save some.
But Matthews says the true concept of saving money should start in the homes. Parents should not outspend themselves, she advises.
Several studies show that money management skills are lacking among the school-age generation. For example, one study discovered 24% of teenagers believe saving is not important simply because they are young.
Matthews also suggests that parents give their kids some money. She says, it will teach kids the principle: If they spend it all, it is gone.