Students learning ‘real world’ skills for banking, savings
The Iowa State Bank of Fairfield is partnering with Washington Elementary School this year to start the Washington Elementary Savings Bank.
The program allows students to learn about banking, savings and supports the 21st century learning skills that are a part of the Fairfield Community School District’s curriculum.
The Washington Elementary Savings Bank allows students in kindergarten through fourth grade to open and maintain a real savings account jointly with a parent through Iowa State Bank. Every student may take part, regardless of whether they have a current savings account or not.
The goal of the program is to provide the students an opportunity to learn how a financial institution works through hands-on participation. The in-school savings program will support the educational curriculum of the school by providing an environment where the students can put to use their math and social skills and learn the importance of establishing a savings plan.
In the financial literacy section of the Iowa Core, the school district is responsible for teaching kindergarten through second-grade students to “Demonstrate the ability to set goals based on wants and needs” and “Recognize various ways to save and the reasons individuals decide to save.” In addition, the third- through fifth-grade portion of the Iowa Core states students will “Determine the importance of saving/investing in relation to future needs.” These standards will be covered through the banking program.
Washington school principal Jeff Eeling said he is excited to partner with Iowa State Bank in this endeavor.
“This program will be a great opportunity for the students of Washington elementary,” Eeling said. “We appreciate the time and energy that Iowa State Bank is willing to invest in this program for the benefit of our students.”