WHEELING, W.Va., April 30, 2013 /PRNewswire/ -- WesBanco (NASDAQ Global Market: WSBC) partnered with 60 schools and career centers throughout Ohio, West Virginia and Pennsylvania during the month of April to celebrate the Teach Children to Save Campaign by offering savings education for children. This year, 49 WesBanco Branch Locations presented educational material and a special WesBanco Teach Children to Save account for children that provides a $10 deposit match into the WesBanco Savers Account if the child's $10 deposit is saved for 90 days. Through year-end 2012, WesBanco had 2,180 accounts enrolled in the program.
Established by the American Bankers Association in 1997, Teach Children to Save has reached more than 5.6 million young people through the commitment of more than 121,000 banker volunteers. "This program gives us the opportunity to use our life experiences and banking knowledge to motivate students to become lifelong savers," said Paul M. Limbert, President and CEO, WesBanco, Inc.
WesBanco has been participating in the program for 10 years with involvement of employees ranging from Market Presidents to Tellers participating. Mr. Limbert noted that the bank also offers a WesBanco Saves account for adults as part of the America Saves; West Virginia Saves initiatives. "In 2012, we had more than 3,000 active accounts with over $7.5 million in deposits. We are proud of our participation in 125 financial education services and events and we presented programs to 117 schools and organizations. More than 100 WesBanco employees collectively dedicated nearly 550 hours to savings education in 2012. We also had 19 WesBanco locations participate in the Get Smart About Credit initiative that occurs in October each year and had 11 locations participate in the Accounting for Kids initiative," Mr. Limbert said.
LaReta J. Lowther, VP Community Development, said, "Being able to teach financial education to our next generation of bank customers is one of the most rewarding aspects of my job. It is fulfilling to share with students that moment when they grasp that just by saving some of their money and spending wisely, they can have the things they need, but also a few things they just want. By teaching students at a young age to understand budgeting and savings, we are giving them tools to not only think about how to best use their own money, but to also participate in family discussions."WesBanco offers the following tips for money-savvy parents raising money-smart kids:
- Set the example of a responsible money manager by paying bills on time, being a conscientious spender and an active saver. Children tend to emulate their parents' personal finance habits.
- 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.
- Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
- Open a savings account for your children and take them with you to make deposits, so they can learn how to be hands-on in their money management.
- Let friends and family know about your child's savings goal. They'll be more likely to give cash for special occasions, which means more trips to the bank.
- Engage your community. Many schools, banks and community organizations share your commitment to creating a money-savvy generation. Engage a coalition of support to provide youth with the education they need to succeed.