Written by: Mike Senecal
Edited by: Lillian Guevara-Castro
Reviewed by: Adam West
Key Takeaways
- The ABA Foundation has served as the philanthropic arm of the American Bankers Association since 1925.
- The foundation provides free financial education resources to member and nonmember banks and sponsors Teach Children to Save Day on the fourth Thursday of every April.
- More than 1,000 financial institutions have accessed initiatives and guidance from the ABA Foundation to help over 1.5 million community members achieve their goals.
On Teach Children to Save Day, to be held this year on April 25, banks and credit unions nationwide will engage with elementary and middle school students through online and in-person sessions, activities, and workshops. The goal will be to encourage them to think of money as a means to achieve their goals.
It’s just one way the ABA Foundation — the philanthropic arm of the American Bankers Association since 1925 — seeks to empower individuals and strengthen communities through financial education.
The best part is that the event is flexible. Any bank or credit union that actively provides youth financial education, including non-members of ABA, can register at no cost to gain the benefit of participating in Teach Children to Save Day. It’s an easy yet impactful strategy for institutions of all sizes to promote their dedication to financial inclusion.
Teach Children to Save Day allows banks and credit unions to proclaim their commitment to financial education.
Along with Teach Children to Save Day, the ABA Foundation sponsors Get Smart About Credit to promote responsible credit use among youth, Safe Banking for Seniors to address the identity theft epidemic, and the Lights, Camera, Save! video contest for teens.
By providing the tools and support to help individuals build a more secure future, the ABA Foundation ultimately strengthens the overall well-being of the community and drives economic growth.
And there’s more to come. The foundation partnered with more than 1,000 financial institutions to reach over 1.5 million consumers during its first century of service. Now embarking on its second 100 years, it has a goal to increase that total to 5 million consumers by 2026.
That means the foundation, with its mission to “inspire, equip and empower banks of all sizes to build thriving, resilient and equitable communities,” will undoubtedly claim a significant and increasing role in shaping how banks invest in the future.
Helping Financial Institutions Publicize Community Goals
The new goal comes at a critical moment in American history. As commerce and the economy grow more complex and interconnected, so does the need for skills to support consumers at all levels.
Evidence comes from a recent survey by the National Financial Educators Council in which respondents reported losing an average of $1,015 in 2024 due to financial illiteracy.
Good things can happen when banks and credit unions encourage financial success. It’s easy for banks and credit unions to sign up for Teach Your Children to Save Day and show they mean what they say.
After creating a free ABA account, all institutions need to provide are estimates of the number of communities and individuals they expect to serve and the number of staff volunteers required.
From there, each institution receives a confirmation email with access to program materials and information.
Plug-and-play ideas, engaging videos, and other instructional materials are available to help put your plans into action whether you prefer in-person branch-based events, community- and employer-led efforts, an online approach, or all of the above.
It’s not necessary to use the resources on the designated day, but that’s when ABA Foundation publicity goes out to state bank associations, policymakers, and consumers interested in learning about your efforts.
Participating on April 25 draws positive attention to your institution’s work and signals your ongoing community commitment. Banks and credit unions that partner with the ABA Foundation empower individuals of all ages to gain the knowledge and skills necessary to make informed financial decisions and protect themselves from fraud.
“Your K-8 audience will be at the edge of their seats,” the website noted. “Whether you use our library of resources, or mix and match with resources of your own, register for Teach Children to Save to show off how your bank advocates for financial education.”
Flexible Approach Encourages Full Participation
Flexibility is the key to the foundation’s approach. We’ve already learned that Teach Your Children to Save Day isn’t curriculum-centric. Instead, the foundation encourages institutions to incorporate their ideas and use materials on a case-by-case basis.
It’s the same across the foundation’s other financial initiatives. On Get Smart About Credit Day, scheduled for October 25, for example, institutions inspire the next generation to make sound financial decisions and explore banking careers.
“If you are educating teens and young adults on personal finance and banking careers, you are already participating in Get Smart About Credit and just need to sign up,” the foundation website noted.
Tools and resources for the Safe Banking for Seniors program include presentation guides, slides, handouts, social media posts, infographics, and activities that take shape according to participant needs.
The ABA Foundation offers financial education, community development, and home ownership and wealth generation resources to institutions free of charge.
Beyond financial education, the foundation provides resources aimed at creating strong, resilient communities. A veterans benefits banking program helps veterans, beneficiaries, and caregivers access banking services. A disaster response program assists institutions and communities in times of need. Community development city tours and awards demonstrate the value of industry best practices.
Homeownership and wealth generation resources include neighborhood and community revitalization guidelines and a campaign to promote community housing education and counseling.
By offering adaptable resources, the foundation enables banks and credit unions to meet unique community needs while reinforcing their commitment to financial inclusion. Foundation initiatives provide critical financial education while highlighting the essential role financial institutions play in supporting community well-being.
Just envisioning a goal of helping 5 million consumers by 2026 demonstrates the foundation’s steadfast commitment to bridging the financial literacy gap. When consumers can successfully overcome their individual financial challenges, they reduce obstacles for everyone.
