Virginia named #1 most financially literate state

Published Sunday, Apr. 25, 2021, 12:10 am

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Virginia was recognized earlier this month as the #1 most financially literate state by WalletHub. In order to find the states with the best financial literacy, WalletHub analyzed financial-education programs and consumer habits in each of the 50 states and the District of Columbia. The data set of 17 key metrics ranges from high-school financial literacy grade to share of adults with rainy-day funds. Read the full story and detailed findings here.

The Virginia banking industry is proud to support financial education across the Commonwealth. As we continue to celebrate Financial Literacy Month in April, Virginia bankers are partnering with schools across the Commonwealth to celebrate Teach Children to Save with savings education this month. More than 1,000 students will explore a variety of financial literacy topics such as the difference between needs and wants, learn how to identify expenses, trade-offs and ways to cut spending.

Virginia bankers offer 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. Share this Roadmap to Financial Responsibility with your kids.
• 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. See this list of eight ways to talk openly with your kids about saving money.
• 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 will be more likely to give cash for special occasions, which means more trips to the bank.
• Put the literacy in financial literacy. Encourage your children to read books that cover various money concepts. Not only will they become strong readers, but they will be smart money managers, too. Click herefor a list of titles for all ages.
• 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.

Contact your local banker to discuss these or additional ways to help your children develop financial literacy skills.

“Familiarizing students with financial education fundamentals at an early age puts them on a path to becoming smart money-managing adults,” said Virginia Bankers Association President & CEO Bruce Whitehurst. “Teach Children to Save is a great opportunity for bankers to share their passion for financial education and improve their local communities.”

Established by the American Bankers Association Foundation in 1997, Teach Children to Save and the Foundation’s other financial education initiatives have helped reached 10.5 million young people through the commitment of more than 260,000 banker volunteers.

The following Virginia banks participated in this year’s Teach Children to Save program:

• Benchmark Community Bank
• Burke & Herbert Bank
• C&F Bank
• First Bank & Trust Co.
• First Bank, Virginia
• First Carolina Bank
• Fulton Bank
• National Bank of Blacksburg
• Oak View National Bank
• Old Point National Bank
• TD Bank
• The Bank of Marion
• The Bank of Southside Virginia
• TowneBank
• United Bank

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