Gov. Jim Pillen issued a proclamation recognizing April as Financial Awareness Month in Nebraska. The event featured student tellers from in-school savings program, or ISSP, whereby a credit union or other financial institutions sets up a branch at a local elementary school.
In-school savings branches have been a fixture in Nebraska elementary schools for more than 20 years. Through these programs, students are able to make weekly deposits at their school-based branch. Schools oversee the custodial accounts, while partner financial institutions provide auditing support. Rather than earning interest, students are rewarded with incentives and prizes provided by the sponsoring bank.
Highlighting the impact of these programs on financial education, research found in-school savings program participants were more likely to have a savings account in high school compared with nonparticipants and high school students with savings accounts are more likely to save regularly. Findings indicate that in-school savings programs contribute indirectly to saving regularly through their direct influence on getting students to open a bank account and open it early.
Interested in helping local students build strong financial skills? The Nebraska Council on Economic Education (NCEE) provides resources and support to establish in-school branches. For more information or to get started, contact Dr. Jennifer Davidson at the NCEE at jdavidson2@unl.edu or Gisela Jundt at the NBA at gisela.jundt@nebankers.org.
