Savings Plan

Wed., April 12, 2000

Worried about America’s poor savings rate, the banking industry sent representatives to some 2,000 schools Tuesday to preach a spend-carefully gospel to young people. At a school in the nation’s capital, National Teach Children to Save Day started with fourth-graders getting 10 pennies apiece from a banker and being told something better would come later if they saved the coins. What led to the exercise at the John W. Ross Elementary School here and hundreds others were statistics showing that the average savings rate of Americans has plunged to one of its lowest levels since the Depression; people spend $9.99 for every $10 they earn, according to the banking industry. “While today’s kids can surf the Internet or use a CD-ROM to do their homework, some don’t know the fundamentals of saving and personal finance,” said Donald Ogilvie, executive vice president of the American Bankers Association.

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Savings Plan

Jesse Tinsley

Jim Meehan

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