On April 4th, Governor Jim Pillen signed a proclamation declaring April as Financial Awareness Month in Nebraska. One of the highlights of the event was the presence of student tellers representing in-school savings banks. Two student tellers from the Pendragon branch in Pender also spoke at the event.
For over two decades, in-school branches have been successfully implemented in elementary schools throughout the state. Students can make weekly deposits at their school’s branch, with the school managing the custodial account and the partnering financial institution auditing. Instead of earning interest, students receive incentives and awards from the partner credit union.
This program helps instill the habit of saving and builds positive relationships with financial institutions. Research indicates that students who participate in the in-school savings programs are more likely to have accounts in high school compared to those who don’t participate.
Is your credit union interested in empowering young people in your community with better financial knowledge? The Nebraska Council on Economic Education (NCEE) offers support to establish the in-school branches. See a list of in-school savings banks here. For additional information or to get started, contact Dr. Jennifer Davidson at the NCEE at jdavidson2@unl.edu or Amy Shaw at the League at ashaw@nebrcul.org.
