A new financial literacy campaign is under way to teach teens about money.
In 2007, just before the country entered the recession, the average household saved less than 1 percent of its annual income. In the spring of 2009, it was close to 7 percent. One local bank hopes to help young people get a head start on their dreams.
In the 12 counties that Regions Bank serves, there's a push to reach all high school students in 12 months. The goal is to recruit future customers while teaching them a thing or two about managing money.
The job title, hourly wage, and your annual pay – all are part of a financial literacy computer program used by Birmingham's high school students.
Jackson-Olin High School finance teacher Barbara Rodgers said, "They don't have a concept of financial planning or financial management like they should have."
With this software, Rodgers and her counterparts at other high schools hope to change that.
Rodgers said, "They can see how things are going to affect them according to what they plan to do in their future."
This software was a gift from Regions Bank. In it, students earn a wage, pay utilities, and manage their money. It's ultimately preparing them for life.
Rodgers said, "They'll think too, well, they'll say, do we have to have insurance, well yeah you gotta have insurance. You can cut corners on some things but it's a real eye-opener for them."
This program is called "Dollars for Scholars." Now the bank is launching a new initiative called "Save More Week" to teach and reach more students throughout North Central Alabama.
Regions Bank Area President Bill Horton said, "It's really the basics of how to handle checking account, how to handle a savings, how to manage money, how to set priorities, terms of what money they may have coming in."
As it reaches out to more students, Regions does hope to entice new customers while teaching them the value of managing money.
Bank officials will be talking to about 2,000 students this week, during its "Save More Week."
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